Overview
- Adjusted earnings were $0.50 per share versus the $0.41 LSEG consensus, with revenue of $6.97 billion and net income of $674 million.
- Realized copper price averaged $4.68 per pound, up from $4.30 a year earlier, offsetting lower output of 912 million pounds of copper and 287,000 ounces of gold.
- Grasberg operations were halted for nearly a month after a Sept. 8 mudflow, and the company confirmed seven worker fatalities linked to the incident.
- Unit net cash costs for copper averaged $1.40 per pound, below prior guidance of $1.59, helped by by‑product credits.
- Quarter capital spending totaled $1.1 billion as the company maintained full‑year capex guidance of $4.5 billion, reiterated full‑year sales targets, reported $4.3 billion in cash with $9.3 billion debt, and saw shares up about 3% premarket.