Freeport-McMoRan's first quarter 2026 earnings beat estimates on high copper prices, but the company cut its full-year sales guidance.

Freeport-McMoRan reported first-quarter 2026 revenues of $6.23 billion and diluted EPS of $0.61, beating analyst estimates. The results were driven by higher-than-expected sales volumes and strong realized commodity prices, which helped offset reduced production capacity at its Grasberg mine in Indonesia.

Key Highlights

• Consolidated copper sales totaled 657 million pounds, exceeding the company's January estimate of 640 million pounds, primarily due to the timing of shipments.
• The average realized price for copper was $5.78 per pound, a significant increase from $4.44 per pound in the same quarter last year.
• Full-year 2026 copper sales guidance was lowered to 3.1 billion pounds from the prior estimate of 3.4 billion pounds, citing delays in the ramp-up of the Grasberg Block Cave mine.