Freeport Q1 net inc $473M, copper sales beat; CEO Quirk succeeds Adkerson June 11

FREEPORT-MCMORAN INC

2024-Q1 EPS reported $0.32 revenue$6,321,000,000

Net income $473M ($0.32 diluted); adjusted EPS also $0.32; revenue $6.32B, up 17% YoY.
Copper sales 1.1B lbs (+33% YoY), exceeded Jan estimate; gold 568k oz, more than double YoY.
Unit net cash cost $1.51/lb, down from $1.76; operating cash flow $1.9B.
FY2024 copper sales guidance 4.15B lbs; Q2 estimate 1.0B lbs copper, 500k oz gold.
CEO transition: Kathleen Quirk becomes CEO effective June 11; Adkerson remains Chairman.

item 2.02 item 7.01 item 9.01

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Earnings Releases SEC 8-K Item 2.02 confidence 1.0

FREEPORT-MCMORAN INC reported first-quarter 2024 results: revenue $6,321, net income $473 million, EPS $0.32 per share.

Period: first-quarter 2024
Revenue: $6,321
Net income: $473 million
EPS: $0.32 per share
Result: reported results

Exact text from the filing

SUMMARY FINANCIAL DATA Three Months Ended March 31, 2024 2023 (in millions, except per share amounts) Revenues a,b $ 6,321 $ 5,389 Operating income a $ 1,634 $ 1,601 Net income attributable to common stock c,d $ 473 $ 663 Diluted net income per share of common stock $ 0.32 $ 0.46

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Source: SEC EDGAR

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