Freeport-McMoRan said net income attributable to common stock totaled $616 million in Q2 2024 and $1.1 billion for the first six months of 2023, compared with $343 million and $1.0 billion for the same periods of 2023. The company cited higher average realized prices for copper and gold and lower interest expense as factors behind the increase.

1. 01

   Freeport-McMoRan said net income attributable to common stock totaled $616 million in Q2 2024 and $1.1 billion for the first six months of 2023, compared with $343 million and $1.0 billion for the same periods of 2023. The company cited higher average realized prices for copper and gold and lower interest expense as factors behind the increase.

2. 02

   The company said PT-FI's export licenses for copper concentrate and anode slimes expired on May 31, 2024, delaying shipments in June. It said licenses valid through December 2024 were granted on July 2. The company said the delay affected results in Q2 and the first six months.

3. 03

   The company said that as of June 30, 2024, consolidated debt was $9.4 billion and consolidated cash and cash equivalents were $5.3 billion, or $6.2 billion including $0.9 billion of current restricted cash. Net debt, excluding $3.0 billion of debt for PT-FI's new downstream processing facilities, was $0.3 billion.

4. 04

   The company said it estimates consolidated operating cash flows of about $7.2 billion for 2024, assuming average prices of $4.25 per pound of copper, $2,300 per ounce of gold and $20.00 per pound of molybdenum for the second half of 2024. It said the estimate also reflects an estimated income tax provision of $2.7 billion.

Key figures

Quarter ended June 30, 2024

Revenue

$6.4B

Operating income

$2.0B

Net income

$1.3B

EPS

$0.42

Analysis scope · Management's discussion (MD&A)We analyzed excerpts of the Management's Discussion and Analysis (MD&A) section (with omissions). Other sections of the report, such as the notes to the financial statements and risk factors, were not reviewed.

AI summarized the filing and translated the summary into English; it may differ from the original. For reference only, not investment advice. AI translated the published Korean report into English. Figures are copied as filed, not recalculated.

Original filing

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