Scotiabank maintains Sector Outperform rating on Freeport-McMoRan, $78 price target

Freeport-McMoRan (FCX) reported strong copper sales growth and increased net income, but reduced 2026-2027 guidance due to production shortfalls and higher costs. The company expects Grasberg mine to reach full capacity by late 2027, with rising capital expenditures and energy costs impacting margins. FCX returned $1B to shareholders and plans high-return projects, facing inflationary pressures and weather-related disruptions.

Freeport-McMoRan (FCX) updated its Q3 earnings, highlighting Grasberg mine ramp-up plans, aiming for 80% capacity by mid-2027 and full capacity by year-end. U.S. operations face weather disruptions but target higher production. The company expects $4.4B in 2026 capex, $5.2B in 2027, and a potential $4.5B Bagdad expansion. Costs rose due to higher energy prices, but guidance remains at $1.90/lb. FCX projects significant EBITDA based on copper price scenarios.

Freeport-McMoRan (FCX) reported Q3 2026 earnings, beating EPS ($0.88 vs $0.80) and revenue ($7.55B vs $7.36B) estimates. Stock up 1.34% intraday. Grasberg mine output increased, but idle costs remain. Guidance trimmed, capex raised. Next catalysts include Q4 earnings and Grasberg capacity targets. Consensus EPS: $3.20 (2026), $4.31 (2027).

Freeport-McMoRan (FCX) reported Q3 adjusted earnings and revenue above expectations, driven by favorable copper and molybdenum pricing. The company reduced full-year production guidance and increased cost estimates. Shares rose 0.9% on the news.

Freeport-McMoRan (FCX) reported Q3 2026 earnings with adjusted net income of $0.88 per share, up from $0.50 a year earlier. Revenue rose to $7.5B, driven by higher copper prices. The company aims to increase copper sales to 4.5-5B lbs by 2030, with growth from Grasberg recovery, leach tech, and U.S. mining rate increases. FCX stock rose 1.73% in premarket trading.

Freeport-McMoRan reported Q3 revenue of $7.55B, up 8.2% YoY, beating expectations. Net income rose to $1.17B, or $0.81 per share, from $674M a year earlier. Copper and gold production met expectations, with average prices at $6.54/lb and $4,273/oz, respectively. The company expects full-year 2026 copper sales of 3B lbs and gold sales of 649,000 ozs.