Freeport-McMoRan beats first-quarter profit on higher copper prices

Published: 2026-04-23 10:28:28 ET FCX

Published on 04/23/2026 at 10:28 am EDT

April 23 (Reuters) - Miner Freeport-McMoRan beat Wall Street estimates for first-quarter profit on Thursday, powered by higher copper prices.

Average copper prices soared 36.7% in the first quarter from a year earlier and hit all-time highs late in January on supply constraints, low inventory and strong demand.

Quarterly average realized price for copper was $5.78 per pound, the company said, compared with $4.44 per pound a year earlier.

The company reported an adjusted profit of 57 cents per share for the three months ended March 31, compared with analysts' average estimate of 46 cents, according to data compiled by LSEG.

(Reporting by Pranav Mathur in Bengaluru; Editing by Sriraj Kalluvila)