Freeport-McMoRan Q1 net income $663M ($0.46/share), down 57% YoY; weather-hit sales

FREEPORT-MCMORAN INC

2023-Q1 EPS reported $0.46 revenue$5,389,000,000

Revenue $5.4B, down 18% from $6.6B YoY; operating income $1.6B vs $2.8B.
Copper sales 832M lbs, down 19% YoY, missing Jan guidance of 900M lbs due to Feb weather disruption.
Adjusted EPS $0.52 vs $0.46 reported; charges of $94M for environmental, tax, impairment items.
Full-year 2023 copper sales guidance 4.1B lbs; Q2 expected 1.1B lbs as Grasberg recovers.
Operating cash flow $1.05B; FY2023 expected ~$7.0B at assumed $4.00/lb copper.

item 2.02 item 7.01 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.9

FREEPORT-MCMORAN INC reported first-quarter 2023 results: revenue $ 5,389, net income $663 million, EPS $0.46 per share.

Period: first-quarter 2023
Revenue: $ 5,389
Net income: $663 million
EPS: $0.46 per share
Result: reported results

Exact text from the filing

team to deliver long-term value to all stakeholders." SUMMARY FINANCIAL DATA Three Months Ended March 31, 2023 2022 (in millions, except per share amounts) Revenues a,b $ 5,389 $ 6,603 Operating income a $ 1,601 $ 2,809 Net income attributable to common stock c,d $ 663 $ 1,527 Diluted net income per share of common stock $ 0.46 $ 1.04 Diluted

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Source: SEC EDGAR

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