Phoenix, Arizona-based Freeport-McMoRan Inc. (FCX) is engaged in mineral exploration and development, mining and milling of copper, gold, molybdenum, and silver in North America and internationally. With a market cap of $63 billion, the company's operations span the Americas and Asia.
The mineral explorer is set to unveil its second-quarter results on Tuesday, Jul. 22. Ahead of the event, analysts expect FCX to report non-GAAP earnings of $0.46 per share, flat year-over-year from the same profit of $0.46 per share reported in the year-ago quarter. Furthermore, the company has surpassed or matched the Street’s bottom-line projections in three of the past four quarters, while missing on one other occasion.
For the full fiscal 2025, its earnings are expected to come in at $1.69 per share, up 14.2% from $1.48 per share reported in the year-ago quarter. While in fiscal 2026, its earnings are expected to rise 30.8% year-over-year to $2.21 per share.
FCX stock has declined 10.8% over the past 52 weeks, underperforming the Materials Select Sector SPDR Fund’s (XLB) marginal decline and the S&P 500 Index’s ($SPX) 13.6% uptick during the same time frame.
FCX stock grew 6.9% following the release of its mixed Q1 earnings on Apr. 24. The company’s revenues decreased 9.4% year-over-year to $5.7 billion but surpassed the Street’s expectations. Its total copper production decreased 20% from the prior year’s quarter to 868 million pounds, but came on top of January 2025 guidance. Its operating income also decreased 20.3% from its year-ago value to $1.3 billion. FCX’s adjusted net income decreased 24.5% year-over-year to $358 million, and its adjusted EPS fell 25% from the prior year’s quarter to $0.24, but successfully matched the consensus estimates.
The consensus opinion on FCX is moderately optimistic, with a “Moderate Buy” rating overall. Of the 17 analysts covering the stock, opinions include 10 “Strong Buys,” three “Moderate Buys,” and four “Holds.” Its mean price target of $47.41 suggests a 9.4% upside potential from current price levels.
