By Sam Boughedda
Freeport-McMoran (NYSE:FCX) tumbled around 4% on Friday after the company's net income more than halved in the first quarter.
The copper miner did, however, top earnings and revenue estimates in the quarter. It reported Q1 adjusted EPS of $0.52, $0.09 better than the analyst estimate of $0.43. However, in 2022, adjusted net income attributable to common stock was $1.07 per share.
Meanwhile, on a non-adjusted basis, net income attributable to common stock was $663 million, down from $1.53 billion in the first quarter of 2022. Revenue for the quarter was $5.4B versus the consensus estimate of $5.2B.
Consolidated production was also lower than last year, coming in at 965 million pounds of copper, 405 thousand ounces of gold, and 21M pounds of molybdenum.
"We are strongly positioned with a favorable long-term market outlook, strong balance sheet and financial strength, a high-quality asset base and an experienced and motivated team to deliver long-term value to all stakeholders," said FCX Chairman and CEO Richard Adkerson.