Freeport-McMoRan Inc. (FCX) reported significant financial growth in its third-quarter and year-to-date results for 2024, driven by higher copper and gold prices, increased sales volumes, and strategic acquisitions. For the three months ended September 30, 2024, FCX generated revenues of $6,790 million, a notable increase from $5,824 million in the same period of 2023. Year-to-date revenues also rose to $19,735 million from $16,950 million in the prior year.

Operating income for the third quarter reached $1,938 million, up from $1,492 million in 2023, while year-to-date operating income increased to $5,621 million from $4,503 million. Net income attributable to common stockholders for the third quarter was $526 million, compared to $454 million in the previous year, and for the nine months, it rose to $1,615 million from $1,460 million. The diluted net income per share for the third quarter was $0.36, up from $0.31 in 2023.

The company’s total assets as of September 30, 2024, were $55,400 million, an increase from $52,506 million at the end of 2023. Total stockholders’ equity also grew to $17,548 million from $16,693 million. However, long-term debt increased to $8,910 million from $8,656 million.

Strategically, FCX increased its ownership in Cerro Verde from 53.56% to 55.08% by purchasing 5.3 million shares for $210 million in September 2024. This acquisition resulted in a $90 million reduction in the carrying value of Cerro Verde’s noncontrolling interest. Additionally, PT Freeport Indonesia (PT-FI) expanded its facilities, increasing its ownership in PT Smelting to 66% from 39.5% through a $254 million equity conversion.

Production metrics showed a mixed performance; copper sales for the third quarter were 1,035 million pounds, down from 1,109 million pounds in 2023, while gold sales increased to 558 thousand ounces from 399 thousand ounces. The average realized price for copper rose to $4.30 per pound, compared to $3.80 in the prior year, and for gold, it increased to $2,568 per ounce from $1,898.

FCX's capital expenditures for the first nine months of 2024 were $3,569 million, slightly up from $3,462 million in 2023, with significant investments in mining projects and new processing facilities. The company also declared a cash dividend of $0.15 per share, payable on November 1, 2024, as part of its ongoing commitment to return value to shareholders.

Overall, FCX's financial performance reflects robust operational execution and strategic investments, positioning the company favorably in the copper and gold markets.