(Kitco News) - Freeport (NYSE: FCX), one of the world’s largest copper producers and a major gold miner, reported stronger-than-expected second-quarter earnings, driven by higher metal prices and lower costs.
On Wednesday, before the North American equity markets opened, Freeport (NYSE: FCX) reported second-quarter 2025 net income attributable to common stock of $772 million, or $0.53 per share. Adjusted net income attributable to common stock was $790 million, or $0.54 per share, after excluding after-tax net charges totaling $18 million, or $0.01 per share.
The earnings significantly exceeded consensus expectations. Analysts had been anticipating earnings of around $0.45 per share.
“We are well positioned for the future—both domestically, as America’s copper champion, and internationally, with large-scale production of copper, gold, and molybdenum; a highly qualified and experienced team; a portfolio of attractive organic growth opportunities; and a strong balance sheet and financial position,” said Kathleen Quirk, President and Chief Executive Officer, in a statement.
The company said it produced 963 million pounds of copper, 317,000 ounces of gold, and 22 million pounds of molybdenum between April and June. During the same period, it sold 1.0 billion pounds of copper, 522,000 ounces of gold, and 22 million pounds of molybdenum at average prices of $4.54 per pound, $3,291 per ounce, and $21.10 per pound, respectively.
On the cost side, the company reported that its production costs were $1.13 per pound of copper in the second quarter of 2025. It expects these costs to average $1.55 per pound for the full year.
Although costs were down and metal prices were up, the company noted that copper and gold production declined compared to the second quarter of 2024, falling 7% and 28%, respectively. The decrease was attributed to lower ore grades.
“Our global team is committed to producing and growing our output safely, efficiently, and responsibly. We are challenging ourselves to improve efficiencies and leverage new technologies to drive better performance and grow production more rapidly with lower capital intensity,” said Quirk.
The company also reported that it commenced start-up activities at its new Indonesia smelter in May, and expects first copper cathode production in July.
Regarding capital returns, Freeport said it repurchased 1.5 million shares of its common stock at a total cost of $52 million during the quarter. In the first half of the year, it purchased a total of 2.9 million shares for $107 million, with an average cost per share of $36.41.
