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Freeport-McMoRan Inc. (FCX-3.97%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenues to $6.8 billion from $5.8 billion in the same quarter the previous year. This increase is attributed to higher average realized prices for copper and gold.
Net income attributable to common stockholders was $526 million, up from $454 million in the previous year. The increase is due to higher copper and gold prices and sales volumes.
Operating cash flows for the first nine months of 2024 were $5.7 billion, compared to $4.0 billion in the same period in 2023.
Capital expenditures for the first nine months of 2024 totaled $3.6 billion, with significant investments in underground development activities and PT-FI’s new downstream processing facilities.
Freeport-McMoRan increased its ownership in Cerro Verde to 55.08% from 53.56% with a $210 million purchase of shares.
PT-FI experienced a fire at its new smelter in Gresik, Indonesia, during commissioning, resulting in temporary suspension of operations. Repairs are estimated to cost $100 million, expected to be covered by insurance.
Freeport-McMoRan's net debt was $3.7 billion as of September 30, 2024, with $5.0 billion in cash and cash equivalents.
The company declared cash dividends totaling $0.15 per share on its common stock, paid on November 1, 2024.
Freeport-McMoRan repurchased 1.2 million shares of its common stock in July 2024 for $59 million.
The filing also details various financial agreements, including revolving credit facilities for FCX, PT-FI, and Cerro Verde, with substantial availability remaining under each.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Freeport-McMoRan Inc. quarterly 10-Q report dated November 8, 2024. To report an error, please email earnings@qz.com.