Mining company Freeport-McMoRan Inc. (NYSE: FCX) on Thursday announced financial results for the second quarter of 2023, reporting lower adjusted earnings despite an increase in revenues.
- Total revenues increased to $5.74 billion in the three months ended June 2023 from $5.42 billion in the same period last year
- Net income attributable to shareholders was $343 million or $0.23 per share in the second quarter, compared to $840 million or $0.57 per share last year
- Adjusted net income attributable to shareholders decreased to $500 million or $0.35 per share from $854 or $0.58 per share
- Consolidated production totaled 1.1 billion pounds of copper, 483 thousand ounces of gold, and 21 million pounds of molybdenum in the quarter
- Total sales came in at 1.0 billion pounds of copper, 495 thousand ounces of gold, and 20 million pounds of molybdenum
- Operating cash flows totaled $1.7 billion in the second quarter of 2023
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