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Freeport-McMoRan tops Q2 forecasts as copper and gold lift performance
FCX closed down 2.3% on July 23 after Q2 results, but adjusted EPS of $0.74 beat the $0.62 consensus and revenue reached $7.0 billion versus $6.5 billion expected.
Freeport-McMoRan, the Phoenix, Arizona based copper producer, has outperformed the S&P 500 over the past year, supported by historically high copper and gold prices, according to Yahoo Finance. Over the past 12 months, FCX gained 39%, compared with about 16.3% for the S&P 500, and the stock rose 18.3% year to date versus the SPX's 8.5% increase.
The outlet also notes that FCX has moved ahead of the iShares Copper and Metals Mining ETF (ICOP), which has risen about 59.7% over the past year. Even so, FCX has posted higher year to date returns than the ETF, with 8.8% gains for ICOP versus FCX's double digit performance.
A key company-specific driver is progress toward restoring full production at its Grasberg mine in Indonesia after it was offline following a 2025 mining accident that constrained output, the report says. On July 23, FCX shares closed down 2.3% after releasing Q2 results.
Yahoo Finance reports that FCX reported adjusted earnings per share of $0.74, beating Wall Street expectations of $0.62. Revenue came in at $7.0 billion, topping forecasts of $6.5 billion, and analysts expect 2026 fiscal year EPS to grow 39.6% to $2.47, with the company having beaten consensus in each of the last four quarters.
Latest closeGold $4,292.50 ▼0.6%|Copper $6.751 ▲1.1%|S&P 500 7,675.92 ▼0.4%