On July 23, Freeport-McMoRan fell 3.08% in pre-market trading, trading near $63.47/share, with turnover of approximately $9 million. Despite a strong earnings beat, the year-over-year revenue decline and broader copper sector weakness weighed on the stock.

The company reported Q2 adjusted EPS of $0.74, significantly above the FactSet consensus estimate of $0.62 and up from $0.54 a year earlier. Revenue came in at $7.03 billion, topping the $6.71 billion estimate but declining from $7.58 billion in the prior-year period. Q2 production totaled 786 million pounds of copper, 192,000 ounces of gold, and 23 million pounds of molybdenum, with average realized copper prices at $6.17 per pound and gold at $4,520 per ounce.

The company projected full-year net cash costs of approximately $1.90 per pound for copper mining and operating cash flow of roughly $8.3 billion. It also identified an opportunity to more than double concentrator capacity at its Bagdad operation in Arizona. The broader copper sector traded lower, with Southern Copper down 2.8% and Ero Copper down 2.84%.

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