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Investing.com -- Freeport-McMoRan reported third-quarter profit ahead of Wall Street forecasts on Thursday as higher copper prices and lower costs helped offset the impact of a deadly mud rush that halted operations at its flagship Indonesian mine.
The Arizona-based miner posted adjusted earnings of 50 cents a share, above analysts’ estimate of 41 cents, while revenue rose 4% from a year earlier to $6.97 billion, also topping expectations. Net income was $674 million.
Production and sales were hit by the suspension of its Grasberg operations in Indonesia, which accounts for roughly 3% of global copper supply.
Copper output fell to 912 million pounds from 1.1 billion pounds a year earlier, while gold production dropped by more than a third to 287,000 ounces.
Average realized copper prices rose to $4.68 per pound given tight supply.
Freeport’s unit net cash costs improved to $1.4 per pound, better than its earlier guidance. Operating cash flow reached $1.7 billion for the quarter.
The company expects full-year sales of 3.5 billion pounds of copper and 1.05 million ounces of gold, with minimal contribution from Indonesia this quarter as it plans a phased restart of Grasberg.
Capital spending for the year is projected at $4.5 billion.
“Our strong third-quarter 2025 results were overshadowed by the tragic incident at our Grasberg operation in September,” Chief Executive Kathleen Quirk
Freeport shares rose 3.5% in premarket trading. Copper prices have rallied this year on supply disruptions, bolstering profits across the sector despite operational setbacks.