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It has been about a month since the last earnings report for Centrus Energy Corp. (LEU). Shares have lost about 4.3% in that time frame, underperforming the S&P 500. But investors have to be wondering, will the recent negative trend continue leading up to its next earnings release, or is Centrus Energy due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Centrus posted earnings of 77 cents per share in the second quarter of 2026, down 51.6% year over year but 4.1% above the Zacks Consensus Estimate of 74 cents. Excluding growth costs and stock-based compensation, earnings per share came in at $1.77 in the second quarter of 2026 compared with $1.90 in the year-ago quarter. Revenues of $176.1 million rose 14% and topped the consensus mark of $147 million. The top-line gain was led by higher Low-Enriched Uranium segment revenues, which reflected uranium sales, partly offset by lower Technical Solutions revenues. As of the end of the second quarter of 2026, Centrus’ total backlog reached $4.5 billion and extends to 2040. Total cost of sales rose 25%, resulting in a 7% year-over-year decline in gross profit to $49.9 million. Gross margin declined to 28.3% from 34.9% in the year-ago quarter. Selling, general and administrative expenses surged 96% year over year to $26.2 million. Advanced technology costs surged to $10.8 million from $3.3 million in the year-ago quarter as the company ramped up expansion-related work. Operating income slumped 69% to $10.4 million from $33.5 million in the year-ago quarter. Operating margin plunged to 5.9% from 21.7% a year earlier. Adjusted operating income, which excludes growth costs and stock-based compensation, came in at $38.7 million in the second quarter of 2026 compared with $40.8 million in the year-ago quarter.  Adjusted operating margin in the second quarter of 2026 was 22% compared with 26.4% in the year-ago quarter. The Low-Enriched Uranium segment’s revenues increased 22% year over year to $153.4 million. Uranium revenues totaled $53.4 million in the second quarter of 2026 compared with no revenues in the year-ago quarter. SWU revenues fell 20% year over year to $100 million as volumes declined 23%, partly offset by a 3% increase in average selling price. The segment’s cost of sales rose 36% to $101.8 million, mainly because of higher uranium sales volume. SWU costs declined due to lower volumes, but the average unit cost of SWU sold increased 13%. The segment’s gross profit edged up 2% to $51.6 million. Technical Solutions revenues declined 21% to $22.7 million from $28.8 million. The decrease primarily reflected a $5.9 million drop in revenue from the DOE's HALEU Operation Contract. Cost of sales for the segment decreased 5% to $24.4 million. The decline was attributed to a $1.9 million decrease in costs incurred under the HALEU Operation Contract, with the remaining change attributable to other contracts. The segment, however, posted a gross loss of $1.7 million against a $3.2 million profit a year earlier. The Low-Enriched Uranium segment’s backlog stood at about $3.7 billion at the end of the second quarter of 2026. It included roughly $3 billion of contingent LEU and HALEU sales commitments, of which $2.4 billion was under definitive agreements supporting potential enrichment capacity expansion in Piketon, OH. Technical Solutions backlog was about $0.8 billion. Cash used in operating activities was $16.7 million in the first six months of 2026 against an inflow of $89.3 million in the year-ago comparable period. Capital expenditures increased sharply to $94.8 million from $5.7 million as Centrus stepped up investment in its industrial buildout. Cash and cash equivalents were $1.87 billion at June 30, 2026, compared with $1.96 billion at Dec. 31, 2025. For 2026, Centrus expects total revenues of $450-$500 million.  The company also maintained its total capital deployment outlook of $350-$500 million for the year, to support expansion work at Piketon and Oak Ridge. Operationally, Centrus now expects to hire at least 175 net new employees in Piketon, up from 100 previously, while maintaining a target of at least 100 net new hires in Oak Ridge. It also expects to complete its first new centrifuge in Oak Ridge by year-end 2026. It turns out, fresh estimates have trended downward during the past month. The consensus estimate has shifted -98.21% due to these changes. At this time, Centrus Energy has a poor Growth Score of F, however its Momentum Score is doing a lot better with a C. However, the stock was allocated a score of F on the value side, putting it in the fifth quintile for value investors. Overall, the stock has an aggregate VGM Score of F. If you aren't focused on one strategy, this score is the one you should be interested in. Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. Interestingly, Centrus Energy has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months. Centrus Energy is part of the Zacks Mining - Non Ferrous industry. Over the past month, Freeport-McMoRan (FCX), a stock from the same industry, has gained 6.4%. The company reported its results for the quarter ended June 2026 more than a month ago. Freeport-McMoRan reported revenues of $7.03 billion in the last reported quarter, representing a year-over-year change of -7.3%. EPS of $0.74 for the same period compares with $0.54 a year ago. For the current quarter, Freeport-McMoRan is expected to post earnings of $0.73 per share, indicating a change of +46% from the year-ago quarter. The Zacks Consensus Estimate has changed +0.8% over the last 30 days. The overall direction and magnitude of estimate revisions translate into a Zacks Rank #3 (Hold) for Freeport-McMoRan. Also, the stock has a VGM Score of B. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Centrus Energy Corp. (LEU) : Free Stock Analysis Report Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Olin Corporation? Here are five stocks we like better. Freeport outage weighed on chemicals: An equipment issue at Olin’s Texas VCM facility reduced Q2 adjusted EBITDA by $40 million, with another $20 million impact expected in Q3. Repairs are expected to restore full capacity in Q4. Epoxy and Winchester improved: Epoxy returned to positive earnings after pricing actions and structural cost reductions exceeding $50 million annually. Winchester benefited from stronger commercial ammunition demand, pricing increases and tariffs that reduced import competition. Merger and guidance remain on track: Olin is advancing its planned Huntsman merger, targeting a first-half 2027 close and $400 million in synergies. Q3 adjusted EBITDA guidance is $160 million to $200 million, while the company expects continued cost savings and plans to prioritize debt reduction. 3 Stocks Ringing in The New Year With Large Buyback Announcements Olin (NYSE:OLN) said its second-quarter performance was shaped by supply-chain disruptions tied to the conflict involving Iran, improved epoxy pricing, a recovery in commercial ammunition demand and an unplanned outage at its Freeport, Texas, vinyl chloride monomer facility. President and CEO Ken Lane said the company’s Chlor-Alkali and Vinyls business benefited early in the quarter as disruptions lifted chemical prices and raised feedstock and energy costs globally. Export prices for caustic soda and ethylene dichloride, or EDC, later declined as supply chains rebalanced, though they remained above pre-conflict levels. → Why SK hynix Could Be the Best AI Chip Stock to Buy Now The Top 3 Materials Stocks to Buy in November “Caustic soda and EDC export pricing was a second quarter bright spot,” Lane said, adding that the favorable pricing was partially offset by the Freeport VCM outage. The Freeport VCM plant experienced an isolated equipment issue in early May and restarted by mid-month, Lane said. However, the facility will operate at reduced rates through the third quarter while Olin completes repairs. → Microsoft Just Flipped the AI Spending Narrative Overnight The outage reduced second-quarter adjusted EBITDA by $40 million, with an additional estimated $20 million impact expected in the third quarter. Lane said Olin expects to recover that impact in the fourth quarter once the asset returns to full capacity, assuming repairs continue as planned. For the third quarter, Olin expects stronger domestic caustic soda pricing and higher export volumes for caustic soda and EDC. Those benefits are expected to be largely offset by lower export prices. The company also expects planned industry shutdowns and persistently higher feedstock and energy costs to tighten product availability in the fourth quarter. → Carrier Earnings Could Send the Stock to a New All-Time High Lane said demand in end markets including housing and automotive remains stable, though it has not yet recovered. He also cited lower operating rates in China and expected North American outages as potentially constructive for market balances later in the year. Merchant chlorine sales improved seasonally in the second quarter, helped by demand from water treatment, refrigerant and other derivative markets. Several planned customer shutdowns are expected to reduce chlorine volumes in the third quarter, while chlorine pricing is expected to remain stable. Olin’s epoxy business posted what Lane described as its best results in more than three years. The company raised prices during the quarter to address rising raw-material and transportation costs as hydrocarbon feedstocks became more expensive and less available. U.S. epoxy resin demand experienced moderate seasonal improvement, particularly in construction-related applications such as coatings, while European demand remained flat. Lane said Europe did not see its normal seasonal improvement and faces continued pressure from higher energy costs and weak housing and industrial activity. Olin said its new supply agreements in Stade, Germany, and the closure of its Guarujá, Brazil, facility have reduced annual epoxy structural costs by more than $50 million. Combined with the company’s commercial strategy, those actions returned the business to positive earnings. Chief Financial Officer Todd Slater said epoxy is expected to generate positive EBITDA again in the third quarter, though results should be slightly lower than the second quarter because of higher European first-in, first-out raw-material costs. Olin has announced price increases intended to address elevated hydrocarbon and raw-material expenses. Winchester’s commercial ammunition business continued to improve year over year as consumer demand strengthened, Lane said. The company has been raising prices to offset higher costs for copper and brass, while domestic and international military ammunition and project sales remained strong. Olin expects Winchester’s third-quarter earnings to improve sequentially, supported by the fall hunting season, higher commercial volumes and pricing. Rising metals costs are expected to partially offset those gains. Lane said imported ammunition has become less competitive because of tariffs that are now generally 20% and, in some cases, higher. He said this should remain a tailwind for Winchester’s commercial business. The company also said it has already realized a significant portion of its previously identified $30 million of Winchester cost reductions through efficiency actions and workforce-sizing efforts. Olin recently began additional Beyond 250 work at Winchester’s Lake City, Missouri, facility and said it could exceed its $30 million cost-reduction target for the business. Olin is moving forward with its planned merger with Huntsman, announced June 16. Lane said the combination would create a vertically integrated, North America-focused chemical company with more than $12 billion in sales. The company filed its definitive proxy on July 13, with a special shareholder meeting scheduled for Aug. 25. Olin expects to begin pre-closing integration planning in the third quarter and continues to target $400 million of synergies following an anticipated first-half 2027 closing. Slater said Olin ended the quarter with $1.2 billion of available liquidity, including unused revolving-credit capacity, and has no bond maturities before 2029. Working capital increased $183 million in the first half, reflecting normal seasonal needs and $93 million in payments tied to legacy Shintech litigation matters. Olin expects to pay the remaining $100 million related to those litigation matters during the second half of 2026. The company expects year-end leverage of about 4.5 times and said excess cash flow would be directed toward debt reduction. It continues to target approximately $200 million in 2026 capital spending and expects 2026 to be a cash-free-tax year, plus or minus $20 million. For the third quarter, Olin expects Chemicals adjusted EBITDA to be relatively flat, modest improvement at Winchester and a sequential headwind from corporate costs. Overall adjusted EBITDA is expected to be between $160 million and $200 million. Slater said Olin remains on track to deliver more than $100 million of incremental structural savings in 2026 under its Beyond 250 initiative and is increasingly confident it will exceed its $250 million savings target by 2028. Olin Corporation is a diversified manufacturer specializing in chemical products and ammunition. The company's core business activities encompass the production and distribution of chlor-alkali products, epoxy resins and derivatives, and small-caliber ammunition under the Winchester brand. Olin's chemical operations supply chlorine, caustic soda and related co-products to a wide range of end markets, including water treatment, pulp and paper, pharmaceuticals and general industrial applications. In its Chlor Alkali Products & Vinyls segment, Olin operates multiple manufacturing facilities that produce chlorine and sodium hydroxide, along with vinyl chloride monomer and polyvinyl chloride (PVC) compounds. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Olin Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Interested in Ford Motor Company? Here are five stocks we like better. Ford raised its full-year outlook, increasing adjusted EBIT guidance to $10 billion-$11 billion and adjusted free cash flow guidance to $6 billion-$7 billion, driven by stronger pricing and product mix. Second-quarter revenue fell 4% year over year to $48.3 billion, but adjusted EBIT rose 17% to $2.5 billion. Results were supported by Ford Blue’s mix gains, while Ford Pro was pressured by the Novelis aluminum disruption; the company reported a $1.3 billion net loss after a $3.6 billion special-item charge. Ford continues investing in growth initiatives: Model e losses improved year over year, paid subscriptions reached about 1.6 million, and the company expects to launch its first Universal EV platform vehicle next year while expanding its Ford Energy storage business. Freeport McMoRan Post-Earnings: Why Good Enough May Finally Be Good Enough Ford Motor (NYSE:F) reported second-quarter 2026 revenue of $48.3 billion and adjusted EBIT of $2.5 billion, as stronger pricing and favorable product mix more than offset lower volumes tied to an aluminum supply disruption and vehicle portfolio changes. Revenue declined 4% year over year, while adjusted EBIT increased 17%. The company generated $2.1 billion in adjusted free cash flow and ended the quarter with $22.3 billion in cash and $43.4 billion in total liquidity. Ford also announced a regular third-quarter dividend of $0.15 per share. → Volatility Is Back and These 3 Market Tollbooths Are Best Positioned to Profit Strait of Hormuz Tensions Spike Tanker Trade: These 2 Stocks Are Set to Benefit The company reported a net loss of $1.3 billion for the quarter, driven in part by a previously announced $3.6 billion one-time special-item charge related to the May disposition of the BlueOval SK Battery joint venture. Chief Financial Officer Sherry House said approximately $500 million of that charge was cash, with most of the remaining cash charges associated with the December 2025 announcement expected to be completed by year-end. Ford raised and narrowed its full-year adjusted EBIT outlook to $10 billion to $11 billion, increasing the midpoint by $1 billion. The company also lifted its adjusted free-cash-flow forecast to $6 billion to $7 billion, including expected receipt of about $500 million during 2026 from an IEEPA reimbursement booked in the first quarter. → This Tiny AI Supplier Could Be More Important Than the Chipmakers Why "Big Short" Investor Michael Burry Sees Upside in Beaten-Down Sportbook Stocks House said the guidance increase was driven by pricing and mix. Ford continues to assume U.S. industry sales of 16 million to 16.5 million units, commodity headwinds of slightly more than $2 billion, and $1 billion in material and warranty cost reductions for the year. The outlook excludes potential effects from a significant escalation in the Middle East or a material downturn in the U.S. economy. Capital expenditures remain projected at $9.5 billion to $10.5 billion. Ford Blue EBIT guidance was increased to $5 billion to $5.5 billion. Ford Pro EBIT guidance was narrowed to $7 billion to $7.5 billion. Model e losses are expected to improve to about $4 billion, including roughly $1 billion of incremental investment in the Universal EV platform and Ford Energy. Ford Credit earnings before taxes are expected to exceed $2.5 billion. → 2 Stocks Built to Thrive If Inflation Refuses to Fade Ford Blue generated $1.1 billion of EBIT on $26.1 billion of revenue. EBIT rose 72% and revenue increased 1%, supported by product mix and net pricing, despite an 8% decline in wholesales. House said the segment benefited from favorable mix enabled by U.S. regulatory changes as well as demand for off-road and higher-trim vehicles. Ford Blue and Model e President Andrew Frick said off-road models accounted for 25% of Ford’s U.S. sales in the second quarter. He said the Bronco family recorded its best first-half sales, while off-road mix rose more than four percentage points year over year in the quarter. Ford’s Raptor sales increased 9% year to date, and Tremor models represented 15% of Expedition sales. Ford Pro earned $1.7 billion in EBIT on $17.8 billion of revenue, with EBIT down 26% and revenue down 5%, primarily because of the temporary Novelis aluminum disruption. Ford expects postponed Super Duty fleet orders to be recovered in the second half, according to Ford Pro President Alicia Boler Davis. The Oakville facility is expected to begin operations in the fourth quarter and add capacity for up to 100,000 additional Super Duty units. Boler Davis said Ford Pro expects to return to its 2025 revenue run rate by year-end as Super Duty availability improves. Model e reported an EBIT loss of $919 million on $1 billion in revenue, representing a 31% year-over-year improvement in EBIT. House said this was the segment’s third consecutive quarter of year-over-year EBIT improvement, reflecting structural cost reductions, lower incentives and right-sized first-generation EV volumes. Ford said it is progressing through its Novelis aluminum-supply recovery plan. The company incurred about $800 million in related temporary costs through the first half and now expects a full-year impact of approximately $1.5 billion. The hot-mill restart is on track and contingency material has been secured, House said. CEO Jim Farley said F-Series inventory stood at about a 45-day supply, which he characterized as lean. Ford’s overall U.S. retail inventory was at a 52-day supply, slightly below its 55- to 65-day target range. Farley also highlighted Ford’s ranking as the top mainstream brand in J.D. Power’s 2026 Initial Quality Study. Chief Operating Officer Kumar Galhotra said recalls have affected about 12 million vehicles this year, while the number of recalls is down about 40% from last year. He said newer model years are showing improvement in recall volumes and warranty performance. Ford’s paid subscriptions grew roughly 50% to about 1.6 million, including more than 900,000 Ford Pro Intelligence paid subscriptions. Farley said BlueCruise accounted for 50% of retail Integrated Services revenue, while paid BlueCruise subscriptions rose 20% in the second quarter. He added that the company could see Integrated Services contribute roughly half a percentage point to company margin over time. Ford said customer deliveries of its first Universal EV platform vehicle will begin next year. Farley described the planned product as an approximately $30,000 pickup with more cabin room than a Toyota RAV4, a truck bed, bi-directional charging and embedded Apple Maps. The company is also expanding Ford Energy, its stationary energy-storage business. Farley said Ford expects to reach 20 gigawatt-hours of annual Ford Energy capacity by late next year and is in discussions with a broad range of customers. He said the company is in the “third inning” of selling its planned 2028 capacity and has the ability to expand capacity at Kentucky 1. Separately, Farley said Ford signed a contract with the U.S. federal government to produce three Super Duty-based prototypes for potential military use. He said Ford is discussing other defense-related opportunities but provided no additional details. Ford Motor Company (NYSE: F) is an American multinational automaker headquartered in Dearborn, Michigan. Founded by Henry Ford in 1903, the company became an early pioneer of mass-production techniques with the Model T and the adoption of the moving assembly line. Today, Ford designs, manufactures, markets and services a broad range of vehicles and mobility solutions under the Ford and Lincoln brands, spanning passenger cars, SUVs, pickup trucks and commercial vehicles. Ford's business activities extend beyond vehicle production to include parts and aftermarket services, fleet and commercial sales, and automotive financing through Ford Motor Credit Company. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Ford Motor Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Southern Copper Corporation (SCCO) reported second-quarter earnings per share (EPS) of $2.01, surpassing the Zacks Consensus Estimate of $1.97. The bottom line came in 71.8% higher than the year-ago quarter’s earnings of $1.17 per share, aided by stronger metal prices and improved operating profitability. Revenues surged 40.6% year over year to a quarterly record of $4.29 billion but missed the consensus estimate of $4.37 billion by 1.88%. Higher prices for copper, molybdenum, zinc and silver were offset by lower sales volumes for copper and its main products. Cost of sales increased 14.7% year over year to $1.39 billion. Total operating costs and expenses rose 13.8% to $1.67 billion, reflecting higher spending on operating materials, purchased copper, diesel and fuel, and workers’ participation. Southern Copper Corporation price-consensus-eps-surprise-chart | Southern Copper Corporation Quote Operating cash cost after incorporating by-product revenue credits was five cents per pound in the quarter compared with 63 cents in the prior-year quarter, owing to an increase in by-product revenue credits. Operating income jumped 65.3% to $2.62 billion. Adjusted EBITDA reached a record $2.86 billion, up 59.5% from the prior-year quarter. The adjusted EBITDA margin expanded 790 basis points to 66.6%, reflecting stronger realized prices and disciplined cost management. Net income attributable to SCCO also reached a record $1.67 billion, rising 71.6% year over year. The net income margin improved to 38.9% from 31.9% in the year-ago period. Southern Copper mined 230,662 tons of copper in the reported quarter, down 3.5% year over year. Total copper production decreased 3.6% year over year to 232,521 tons, including third-party concentrate. A 12% decline at the Peruvian operations more than offset a 3.2% increase in Mexico.  Copper sales declined 1.5% to 220,712 tons.The company mined 7,046 tons of molybdenum in the reported quarter, reflecting a year-over-year decline of 11%. Sales were 6,821 tons in the quarter under review, down 13% from the second quarter of 2025.Zinc production declined 14.5% year over year to 39,257 tons in the quarter under review on lower production at the Buenavista zinc concentrator. Zinc sales decreased 8.8% year over year to 40,570 tons in the quarter.Southern Copper's silver production was down 3.8% year over year to 5.76 million ounces, and sales were down 8.7% year over year to 5.516 million ounces. Net cash provided by operating activities totaled $1.99 billion in the quarter, more than double the prior-year figure. For the first six months of 2026, operating cash flow increased 116.9% to $3.68 billion, supported by stronger earnings and lower operating working-capital requirements. Cash and cash equivalents stood at $5.67 billion as of June 30, 2026, while short-term investments totaled $1.66 billion. Long-term debt was $7.99 billion following the issuance of $1.25 billion of 10-year senior unsecured notes carrying a 5.35% interest rate. The proceeds are intended primarily to support the Tía María project and other capital needs of the company’s Peruvian operations. For 2026, Southern Copper expects copper production to reach 917,000 tons, which is 1% above its previous target but implies a 5% year-over-year decline. Molybdenum production is now projected at 27,900 tons, a 7% increase from its previous target, indicating a 10% decline from the 2025 level. Silver output is projected at 24 million ounces, a decrease of 1% compared with 2025.  Zinc production for the year is projected at 163,900 tons, 7% lower than the 2025 level. The company’s shares have gained 84.6% in the past year compared with the industry’s 51.2% growth. Image Source: Zacks Investment Research Freeport-McMoRan Inc. FCX reported adjusted EPS of 74 cents in the second quarter, up around 37% year over year from 54 cents. The figure topped the Zacks Consensus Estimate of 62 cents. Revenues declined around 7.3% year over year to approximately $7.03 billion. The figure surpassed the Zacks Consensus Estimate of $6.47 billion. Higher realized metal prices were offset by lower copper and gold volumes. Copper production fell around 18.4% year over year to 786 million pounds in the reported quarter. Consolidated copper sales declined approximately 30.1% year over year to 710 million pounds. The fall primarily resulted from lower operating rates at PTFI during the phased ramp-up of the Grasberg Block Cave underground mine.   The company sold 123,000 ounces of gold in the quarter, down 76.4% year over year. Freeport also sold 25 million pounds of molybdenum, up 13.6% from the prior-year quarter. Teck Resources Limited TECK reported second-quarter 2026 adjusted EPS of CAD $1.93 or $1.39, beating the Zacks Consensus Estimate of 78 cents. It marked a substantial improvement of 415% from the earnings of 27 cents per share in the year-ago quarter. This was attributed to higher base metal prices and increased sales volume of copper and zinc. Including one-time items, the company reported EPS of $1.26 in the quarter compared with the year-ago quarter’s 30 cents. Net sales amounted to $2.6 billion, surpassing the Zacks Consensus Estimate of $2.3 billion. The figure reflects a 78% year-over-year improvement, aided by higher copper and zinc prices and sales. Southern Copper currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Another top-ranked stock from the basic materials space is Bunge Global SA BG, which sports a Zacks Rank of 1 at present. Bunge has an average trailing four-quarter earnings surprise of 27.5%. The Zacks Consensus Estimate for the company’s fiscal 2026 earnings is pegged at $9.74 per share, implying 28.7% year-over-year growth. Bunge shares have gained 59% in a year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Southern Copper Corporation (SCCO) : Free Stock Analysis Report Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report Bunge Global SA (BG) : Free Stock Analysis Report Teck Resources Ltd (TECK) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Freeport-McMoRan Inc.? Here are five stocks we like better. Freeport-McMoRan's second-quarter 2026 earnings showed sharply higher copper and gold prices offsetting lower sales volumes caused by Grasberg's phased restart. The Grasberg Block Cave mine ramp-up is progressing toward full production capacity by the end of 2027, reducing long-term operational risk for the company. Despite a post-earnings pullback from 52-week highs, FCX shares remain in a broader uptrend supported by rising 50-day and 200-day moving averages and higher analyst price targets. On July 23, Freeport-McMoRan (NYSE: FCX) delivered an earnings report shaped by two forces that will define how investors read the quarter. Copper and gold prices sat at historically elevated levels, lifting realizations across the board. The report also showed the company continues to move toward full production at its Grasberg mine in Indonesia. The mine was closed in 2025 following a mining accident that locked up a significant portion of the company’s production. → GE Vernova Just Sent a Mixed AI Signal to Investors However, FCX was down after the report. This could be a “buy the rumor, sell the news” situation. The stock climbed approximately 15% from July 17 through the market's close on July 22. → Microsoft Earnings Are Coming—But Azure and CapEx Will Decide the Reaction That suggests a lot of good news was priced into the report, which, by the numbers, was good but maybe not enough to justify FCX at a 52-week high in the short term. But in the long term, there are two key factors to consider in analyzing Freeport-McMoRan's earnings. → Plugging In: How Kinder Morgan Powers Up Profits The headline numbers for the second quarter of 2026 show why investors were pushing FCX higher ahead of earnings. Freeport-McMoRan posted second-quarter net income of $984 million, or 68 cents per share, with adjusted earnings per share (EPS) of 74 cents after backing out one-time charges tied to the Grasberg incident. Revenue totaled $7 billion, and the company generated $2 billion in operating cash flow for the quarter. The real story was pricing: The company realized an average of $6.17 per pound for copper in the quarter, up roughly 36% from $4.54 a year ago. Gold realizations jumped to $4,520 per ounce from $3,291, a year-over-year (YOY) gain of roughly 37%. Molybdenum, often an afterthought in Freeport's story, also strengthened meaningfully, realizing $28.75 per pound versus $21.10 last year. Copper sales volumes were down significantly year over year (710 million pounds versus 1.0 billion), a direct consequence of Grasberg's phased restart. In other words, FCX is earning more money while selling less copper. That dynamic won't repeat itself once Grasberg volumes normalize, which is worth keeping in mind when projecting forward growth rates. The other half of the bull case is de-risking, not just pricing. Freeport confirmed that its Grasberg Block Cave ramp-up met expectations in the second quarter, with mining rates climbing from 34,000 tons per day in April to 69,000 tons per day in June. Management now expects PTFI's overall production capacity to reach roughly 65% in the second half of 2026, 80% by mid-2027, and near full capacity by the end of 2027. That timeline also explains why unit net cash costs in Indonesia remain negative. PT Freeport Indonesia (PTFI) reported unit net cash credits of 81 cents per pound of copper in the quarter, meaning by-product gold credits more than offset production costs. As volumes recover, that credit dynamic should provide a continued tailwind to consolidated margins even if copper prices cool off from current levels. Freeport also used the quarter to reinforce its capital discipline story. The company returned $600 million to shareholders in the first half of 2026, including $200 million in share repurchases, and separately increased its ownership stake in the Cerro Verde mine to 55.66% for roughly $107 million. Net debt stood at just $2.1 billion (excluding downstream processing debt), well below the company's $3–$4 billion target ceiling. That balance sheet flexibility is part of why analysts have been comfortable raising price targets even as the stock notches new highs. The company is showing its ability to keep funding both shareholder returns and its growth pipeline (Bagdad, El Abra, Kucing Liar) without straining its investment-grade rating. Turning to the technical picture, FCX spent most of 2025 consolidating in the low-$40s before staging a sustained breakout beginning in December, eventually pushing to a 52-week high near $72 in June. The pullback since then, including the post-earnings drop to around $63, has brought shares back toward both the 50-day moving average (about $64) and the lower end of the recent trading range, without breaking the broader uptrend. Notably, the 200-day moving average has been rising steadily since bottoming near $40 late last year, now sitting at about $56—a sign that the medium-term trend remains constructive even after the post-earnings dip. Volume on the down day was elevated but not dramatically outsized relative to recent sessions, which is consistent with profit-taking after a steep run-up rather than a fundamental reassessment of the story. One problem with pricing FCX is that the company’s current strong growth is an outlier for two reasons. First, the spot prices of copper and gold are at historically elevated levels. Second, the company is just now reporting production from its Grasberg mine that had been closed. That skews the year-over-year comparisons. Both variables are likely to support strong earnings and free cash flow growth, which are two of the best predictors of stock price growth. But many traditional discounted cash flow models suggest more modest growth. That said, the structural case for copper demand remains in place. Price is starting to follow that demand. The same is true of gold. It will take another earnings report or two to see if that demand is priced into FCX. For now, the stock is trading in a defined range. But a rising 50- and 200-day simple moving average shows that investors have been willing to let the stock grind higher. Leading into the report, analysts raised their price targets for FCX, with the highest price targets coming in at $80. With the Grasberg project moving towards full production by the end of 2027, the current stock price may create an attractive entry point. The article "Freeport McMoRan Post-Earnings: Why Good Enough May Finally Be Good Enough" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Teck Resources Limited TECK reported second-quarter 2026 adjusted earnings per share (EPS) of $1.39, beating the Zacks Consensus Estimate of 78 cents. It marked a substantial improvement of 415% from the earnings of 27 cents per share in the year-ago quarter. This was attributed to higher base metal prices and increased sales volume of copper and zinc. Including one-time items, the company reported EPS of $1.26 in the quarter compared with the year-ago quarter’s 30 cents. Teck Resources Ltd price-consensus-eps-surprise-chart | Teck Resources Ltd Quote Net sales amounted to $2.6 billion, surpassing the Zacks Consensus Estimate of $2.3 billion. The figure reflects a 78% year-over-year improvement, aided by higher copper and zinc prices and sales. The gross profit was CAD$1.67 billion ($1.21 billion), skyrocketing 255% from the year-ago quarter. The gross margin was 46.3% compared with the year-ago quarter’s 23.3%. The adjusted EBITDA was around CAD$2.2 billion ($1.59 billion), which soared 204% from the year-earlier period. The EBITDA margin was 60.8% in the quarter under review compared with the year-ago quarter’s 35.7%. The Copper segment’s revenues surged 85.8% year over year to C$2.7 billion ($1.95 billion). The increase reflected significantly higher copper prices and stronger sales volumes across the company’s operations. The realized copper price rose to $6.09 per pound from $4.36 in the prior-year quarter. Total copper production was around 135,900 tons, 25% higher than the first quarter of 2025, attributed to improved performance across all operations. Copper sales increased 33.7% to 135,700 tons. Highland Valley Copper production increased 32% year over year to 42,800 tons, supported by higher throughput, grades and recoveries. Antamina’s copper production, on a 100% basis, climbed 67% to 108,500 tons. Carmen de Andacollo produced 12,800 tons, up from 9,400 tons on better grades and recoveries. Quebrada Blanca produced 55,800 tons of copper, up 6% from a year earlier. Stable asset utilization, consistent plant performance and progress on tailings management supported the operation. The segment’s gross profit skyrocketed 309% year over year to CAD$1.34 billion ($972 million), attributed to higher copper prices and sales volume. Copper net cash unit costs decreased to $1.64 per pound from $2.02 per pound a year earlier, helped by higher production and stronger silver and molybdenum by-product credits. The Zinc segment’s net sales jumped 59% year over year to CAD$903 million ($654 million) on improved zinc prices and higher zinc concentrate sales volumes. The realized zinc price rose 32% to $1.57 per pound compared with the prior-year quarter. Red Dog produced 112,000 tons of zinc, down 18% year over year owing to lower grades as anticipated in the mine plan. However, zinc sales volumes at Red Dog rose 4% to 36,500 tons, and came within TECK’s guidance of 30,000-40,000 tons. Trail Operations’ refined zinc production dipped 2% to 49,800 tons, reflecting planned maintenance. Refined zinc sales were up 5.7% to around 37,000 tons. Segment gross profit rose 130% year over year to C$329 million ($238 million), reflecting higher zinc prices and increased by-product revenues at Red Dog and Trail. However, these gains were partially offset by higher cost of sales due to increased concentrate purchases and royalty costs. Net cash unit costs were 35 cents per pound in the second quarter compared with 49 last year due to higher by-product credits driven by increased silver and germanium prices. Second-quarter 2026 net cash unit costs also reflect the normal seasonality of sales at Red Dog. Cash flow from operating activities improved to around C$1.72 billion ($1.24 billion) from C$88 million ($64 million). Teck Resources ended the quarter with C$6.05 billion ($4.38 billion) in cash and cash equivalents and liquidity of C$10.3 billion ($7.5 billion). Its net cash position strengthened to C$1.244 billion ($0.9 million) from C$150 million ($109 million) at the end of 2025. Management retained its previously disclosed 2026 guidance. Copper production remains projected between 455,000 and 530,000 tons. Zinc production is expected in the range of 410,000-460,000 tons, while refined zinc output is forecast between 190,000 and 230,000 tons. Copper net cash unit costs are expected between $1.85 and $2.20 per pound. Zinc net cash unit costs are projected at 65-75 cents per pound. Teck Resources expects third-quarter Red Dog zinc concentrate sales of 220,000-270,000 tons, reflecting the operation’s normal shipping seasonality. The Highland Valley Copper Mine Life Extension project continued to progress, with detailed engineering about 95% complete. Total project capital costs remain estimated at C$2.1-C$2.4 billion, while 2026 spending is expected between C$900 million and C$1.2 billion. Teck Resources also continued advancing Zafranal and San Nicolás toward potential sanction decisions. Meanwhile, the proposed merger with Anglo American remains subject to customary closing conditions and regulatory approvals. The transaction is expected to create Anglo Teck and deliver approximately $800 million in annual pre-tax synergies. The company’s shares have gained 81.4% in the past year compared with the industry’s 30.9% growth. Image Source: Zacks Investment Research Freeport-McMoRan Inc. FCX reported adjusted EPS of 74 cents in the second quarter, up around 37% year over year from 54 cents. The figure topped the Zacks Consensus Estimate of 62 cents. Revenues declined around 7.3% year over year to approximately $7.03 billion. The figure surpassed the Zacks Consensus Estimate of $6.47 billion. Higher realized metal prices were offset by lower copper and gold volumes. Copper production fell around 18.4% year over year to 786 million pounds in the reported quarter. Consolidated copper sales declined approximately 30.1% year over year to 710 million pounds. The fall primarily resulted from lower operating rates at PTFI during the phased ramp-up of the Grasberg Block Cave underground mine.   The company sold 123,000 ounces of gold in the quarter, down 76.4% year over year. Freeport also sold 25 million pounds of molybdenum, up 13.6% from the prior-year quarter. Southern Copper Corporation SCCO reported second-quarter EPS of $2.01, surpassing the Zacks Consensus Estimate of $1.97. The bottom line came in 65% higher than the year-ago quarter’s earnings of $1.22 per share. Southern Copper’s net sales in the quarter were $4.29 billion, marking a 40.6% increase from the year-ago quarter but missing the Zacks Consensus Estimate of $4.37 billion. Higher prices for copper, molybdenum, zinc and silver were offset by lower sales volumes for copper. Southern Copper mined 230,662 tons of copper in the reported quarter, 3.5% lower year over year. Copper sales declined 1.5% year over year to 220,712 tons. Teck Resources currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here. Another top-ranked stock from the basic materials space is Bunge Global SA BG, which sports a Zacks Rank of 1 at present. Bunge has an average trailing four-quarter earnings surprise of 27.5%. The Zacks Consensus Estimate for the company’s fiscal 2026 earnings is pegged at $9.74 per share, implying 28.7% year-over-year growth. Bunge shares have gained 59% in a year. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Teck Resources Ltd (TECK) : Free Stock Analysis Report Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report Bunge Global SA (BG) : Free Stock Analysis Report Southern Copper Corporation (SCCO) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Freeport-McMoRan Inc. FCX used its second-quarter 2026 earnings call to emphasize steady progress at Grasberg, improving U.S. operating performance and a widening pipeline of brownfield copper projects. The quarter also showed how favorable metals pricing and better-than-expected execution can offset lower year-over-year production while the company rebuilds Indonesian output. President and chief executive officer Kathleen Quirk said the Grasberg Block Cave ramp remained aligned with the company’s April plan. Production rates doubled during the quarter, rising from an April average of 34,000 metric tons per day to 69,000 in June. Quirk said overall Grasberg district rates should approximate 65% of full capacity in the second half of 2026, reach 80% by mid-2027 and approach full capacity by year-end 2027. Mark Johnson, president and chief operating officer of Freeport-McMoRan Indonesia, added that material-handling upgrades and drainage work are progressing, while preparations continue for a 2027 restart of Production Block 1 South. Quirk said Morenci’s second-quarter mining rate was 30% above its five-year average, supported by better equipment reliability, maintenance execution and workforce stability. Senior vice president Cory Stevens said higher-capacity haul trucks, centralized operating support and additional technology should help sustain those gains. Management expects stronger mining rates to translate into higher copper production over time. The leach program remains another central growth lever. Freeport is targeting a 300-million-pound annual run rate by year-end 2026 and continues to frame 800 million pounds annually as the longer-term opportunity. Quirk said preliminary capital for the Bagdad expansion is now around $4.5 billion, roughly 30% above the 2023 estimate, reflecting labor and commodity inflation, scope changes and added engineering. Despite the increase, management said the project remains supported at an incentive copper price of about $4 per pound. The expansion would add 200 million to 250 million pounds of annual copper production and could be completed in three to four years. During the Q&A, a BofA Securities analyst pressed management on the economics. Quirk said automation, operating-model changes and throughput optimization are helping offset the higher capital requirement, with a board decision still targeted for the second half of 2026. Executive vice president and chief financial officer Maree Robertson said 2026 sales expectations remain broadly consistent with April estimates. Second-half copper sales are projected to exceed first-half levels by more than 20%, while gold sales are expected to rise more than 65%. The company expects 2026 unit net cash costs of about $1.9 per pound, slightly better than the prior $1.95 estimate, as stronger by-product credits offset higher energy and input costs. FCX reported adjusted earnings of $0.74 per share versus the Zacks Consensus Estimate of $0.62. Revenues of $7.03 billion also exceeded the $6.47 billion consensus. Freeport-McMoRan Inc. price-consensus-eps-surprise-chart | Freeport-McMoRan Inc. Quote A Goldman Sachs analyst asked whether Grasberg’s strong June exit rate created upside to second-half guidance. Quirk said planned maintenance and chute-gallery upgrades should keep output near the existing range rather than produce a near-term step-up. A Barclays analyst questioned the shift of copper sales from the third quarter into the fourth. Quirk said production plans were largely unchanged, but inventory-building and refined-copper timing at the new Indonesian smelter altered the sales schedule. A UBS analyst also challenged the prior goal of reducing U.S. costs to $2.5 per pound in 2027. Quirk said the target remains valid, but current energy, sulfur and acid markets make it unattainable in 2027. Management’s tone remained confident on execution but disciplined on timing. Grasberg restoration, leach scaling and U.S. operating improvements are the immediate priorities. At the same time, Freeport is advancing Bagdad, El Abra and Safford/Lone Star without committing to overlapping large-project schedules before studies, permits and capital reviews are complete. FCX currently carries a Zacks Rank #3 (Hold). Its Growth Score of B, Momentum Score of A and VGM Score of A indicate favorable growth and trading characteristics, while the Value Score of C is more neutral. The Style Scores are most powerful when paired with a Zacks Rank #1 (Strong Buy) or Zacks Rank 2 (Buy). The current Hold rating supports a balanced stance, and it can change as analysts revise estimates following the reported results. You can see the complete list of today’s Zacks #1 Rank stocks here. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research

Interested in Freeport-McMoRan Inc.? Here are five stocks we like better. Second-quarter results topped expectations as Freeport-McMoRan reported better-than-forecast copper sales and unit cash costs, with stronger U.S. operations and a continuing recovery at the Grasberg mine helping margins, cash flow and earnings. Grasberg remains the key growth driver for 2026, with production rates doubling in the quarter and the company targeting a further ramp-up through 2027 while also pursuing a life-of-resource operating-rights extension in Indonesia. Freeport is advancing multiple growth projects, including a near-term investment decision on the Bagdad expansion in Arizona, regulatory progress at El Abra in Chile and ongoing leaching and equipment upgrades across its U.S. assets. Freeport McMoRan Post-Earnings: Why Good Enough May Finally Be Good Enough Freeport-McMoRan (NYSE:FCX) executives said the copper producer’s second-quarter 2026 results reflected “progress” across its major operating regions, citing better-than-forecast copper sales and unit cash costs, a continuing recovery at the Grasberg Block Cave mine in Indonesia and stronger performance from U.S. operations. Richard Adkerson, Freeport-McMoRan’s chairman of the board, said the company continues to benefit from its long-standing focus on copper and its portfolio of long-lived assets. “Electricity means copper,” Adkerson said, adding that the company is positioned to grow as global electrification increases copper demand. → Could Truth API Become Trump Media’s First Meaningful Revenue Driver? 3 Multi-Metal Stocks for Income and Long-Term Growth President and Chief Executive Officer Kathleen Quirk said second-quarter copper sales and unit cash costs exceeded the company’s forecast. She also said favorable metal prices supported “significant margins, cash flows, and earnings.” For the first half of 2026, Quirk said Freeport-McMoRan’s U.S. mining operations contributed 2.4 times more operating income than in the prior-year period, while consolidated net income rose 65% from the first half of 2025. The company returned $600 million to shareholders in the first half of the year, including roughly $200 million through share repurchases. Quirk also said Freeport-McMoRan increased its ownership in Cerro Verde through open-market purchases, bringing total purchases over roughly two years to more than $300 million and increasing its ownership by 2 percentage points to more than 55%. → 3 Photonics Companies Making Quantum Tech Possible Freeport Tanks Again on Mine Delay—Long Term Outlook Stays Strong Executives highlighted the ongoing ramp-up of the Grasberg Block Cave mine as a major operating priority. Quirk said production rates at the mine doubled during the quarter, rising from an average of 34,000 tons per day in April to 69,000 tons per day in June. Freeport-McMoRan continues to target overall rates in the Grasberg district at approximately 65% of full capacity in the second half of 2026, rising to 80% by mid-2027 and approaching full capacity by the end of 2027. Quirk said upgrades to the material handling system for the automated rail system are progressing on schedule, and the company is advancing work to restart Production Block One South in 2027. → AeroVironment’s Stock Is Down, But Drone Demand Is Taking Off Mark Johnson, president and chief operating officer of Freeport-McMoRan Indonesia, said the company is installing new technology in chute galleries and pursuing risk mitigation initiatives, including drilling and drainage work related to the old pit bottom. Freeport-McMoRan also submitted a formal application in June to extend its operating rights in Indonesia for the life of the resource, following a memorandum of understanding with the Indonesian government earlier this year. Quirk said the company is working through the regulatory process and aims to complete the extension this year, though there is no prescribed timeline. Adkerson said recent meetings with Indonesian officials were positive and that the extension would benefit shareholders, the government, workers and local communities. In the U.S., Quirk said the company is making “important and tangible progress” in increasing mining and processing rates. At Morenci, second-quarter mining rates were 30% higher than the average achieved over the past five years. Quirk said sustaining those higher rates should translate into improved copper production over time. Cory Stevens, president and chief operating officer for the Americas, said the company has focused on people, process and technology to improve equipment reliability and mine performance. He said Freeport-McMoRan is also transitioning trucks at Morenci to higher-capacity 400-ton ultra-class trucks, with additional trucks planned next year. The company continues to pursue its leaching initiative, which is aimed at increasing copper recovery from existing stockpiles. Quirk said Freeport-McMoRan is currently producing around 200 million pounds annually from these efforts and is targeting a 300 million-pound run rate by the end of 2026. Longer term, the company has described a potential path to 800 million pounds per year. Stevens said early results from the company’s first-generation leach additives have been better than expected, and additional additive tests are planned at Morenci, New Mexico and El Abra. Freeport-McMoRan is also testing heated leaching solutions at Morenci and El Abra. Quirk said Freeport-McMoRan is nearing an investment decision on a major expansion of its Bagdad mine in Arizona. The project would more than double production at Bagdad and make it the second-largest copper mine in the U.S. behind Morenci, according to Quirk. The company is finalizing capital cost estimates and expects to seek board approval in the second half of 2026. Preliminary indications based on current market conditions point to capital of about $4.5 billion, approximately 30% above a 2023 estimate. Quirk attributed the increase to commodity and labor escalation, revisions to project scope and updated engineering estimates. She said the project remains supported at a $4 per pound copper price, below current market levels. Freeport-McMoRan is also advancing regulatory work for a major expansion at El Abra in Chile, where it partners with Codelco. Quirk said the Chilean government is engaged in the review process following the company’s environmental impact study submission in March. The company is also studying expansion and development options in the Safford Lone Star District in the U.S. and continuing development of the Kucing Liar project in Indonesia. Chief Financial Officer Maree Robertson said Freeport-McMoRan’s three-year outlook for copper, gold and molybdenum sales remains broadly consistent with April estimates. The company expects second-half 2026 copper sales to be more than 20% higher than the first half, while gold sales are expected to be more than 65% higher. For 2027, Robertson said annual copper sales are expected to increase by more than 20% compared with 2026, while gold volumes are expected to rise by more than 50%. Additional growth is projected in 2028. Robertson said the company now estimates 2026 average unit net cash costs at approximately $1.90 per pound, slightly below the April estimate of $1.95 per pound, as higher by-product credits more than offset other cost increases. She noted that oil, sulfur and acid markets remain volatile. Freeport-McMoRan’s modeled outlook shows annual EBITDA ranging from approximately $13 billion at $5 per pound copper to $20 billion at $7 per pound copper, using average 2027 and 2028 volume and cost estimates and assuming gold at $4,000 per ounce and molybdenum at $30 per pound. Robertson said each $0.10 per pound move in copper equates to about $390 million in annual EBITDA during that period. Capital expenditures for 2026 remain consistent with the prior forecast, while 2027 capital is now estimated at $4.8 billion, about $300 million higher than the April estimate. Robertson said the increase reflects investments in upgraded mining equipment and revised cost estimates. The forecast excludes major projects still subject to final studies and board approval, including the Bagdad expansion. Robertson said Freeport-McMoRan’s financial policy remains focused on maintaining a strong balance sheet, returning cash to shareholders and investing in value-enhancing growth projects. Since adopting the policy in 2021, she said the company has distributed $6.3 billion to shareholders through dividends and share purchases. Freeport-McMoRan Inc is a U.S.-based natural resources company primarily engaged in the exploration, mining and processing of copper, gold and molybdenum. Its operations encompass large-scale open-pit and underground mining as well as associated concentrator and milling facilities. The company produces copper in the form of concentrates and cathodes, and also recovers gold and molybdenum as co-products; its business model includes exploration, development, mining, beneficiation and the sale of bulk commodities to smelters and industrial customers. Freeport-McMoRan conducts operations and development activities across multiple geographies, with substantial assets in the Americas and Indonesia. This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected]. The article "Freeport-McMoRan Q2 Earnings Call Highlights" was originally published by MarketBeat. View MarketBeat's top stocks for July 2026.

Freeport-McMoRan Inc (NYSE:FCX, XETRA:FPMB) reported stronger-than-expected second quarter 2026 results on Thursday, with earnings and revenue topping Wall Street expectations, although shares edged about 2% lower as investors weighed a slightly reduced near-term copper sales outlook. The company reported adjusted earnings per share of $0.74, ahead of analyst estimates of $0.62, while revenue came in at $7.03 billion, exceeding consensus expectations of $6.71 billion. The company produced 786 million pounds of copper, 192,000 ounces of gold and 23 million pounds of molybdenum during the quarter. Consolidated sales totaled 710 million pounds of copper, 123,000 ounces of gold and 25 million pounds of molybdenum. Freeport highlighted strong operational performance during the quarter, noting that consolidated copper sales exceeded its April 2026 estimates and average unit net cash costs were better than expected. Average realized prices during the period were $6.17 per pound for copper, $4,520 per ounce for gold and $28.75 per pound for molybdenum. Freeport maintained its full-year 2026 copper sales forecast at approximately 3.1 billion pounds, but lowered its third-quarter copper sales outlook to 750 million pounds. The company expects third-quarter sales of 160,000 ounces of gold and 22 million pounds of molybdenum. “We achieved strong results in the second quarter, supported by solid execution of our operating plans and favorable pricing for our products,” Freeport CEO Kathleen Quirk said. “We made steady progress with our Grasberg ramp-up and our Americas operations delivered excellent performance, which resulted in year-over-year improvements to bottom-line results.” Jefferies reiterated its ‘Buy’ rating on Freeport-McMoRan following the results, noting that second-quarter EBITDA came in 12% above consensus estimates, supported by higher copper sales and lower-than-expected costs. The analyst highlighted that copper sales of 710 million pounds exceeded prior guidance of 690 million pounds, while net cash costs of $1.97 per pound were below the previous outlook of $2.24 per pound. Jefferies noted that full-year copper sales guidance remained unchanged, while cost guidance was reduced by $0.05 per pound following the quarterly performance. Jefferies wrote that the Grasberg Block Cave ramp-up appears to be progressing in line with expectations, although the timing of planned sales has shifted from the third quarter into the fourth quarter. The analyst noted that the company’s 2028 production outlook was slightly reduced, but maintained that the key focus remains on delivering the Grasberg recovery plan over the next two years. “The key for Freeport is to deliver the recovery at the GBC in line with guidance over the next two years,” Jefferies wrote, adding that a successful ramp-up could provide a “double benefit” through higher earnings and a higher valuation multiple for the shares. The analyst concluded that Freeport remains a higher-risk, higher-reward investment opportunity.

This article first appeared on GuruFocus. Consolidated Net Income: Increased by 65% for the first half of 2026 compared to the first half of 2025. U.S. Mining Operations Operating Income: 2.4 times more in the first half of 2026 compared to the first half of 2025. Ownership in Cerro Verde: Increased by 2% to over 55% through purchases totaling over $300 million. Shareholder Returns: $600 million returned in the first half of 2026, including $200 million in share repurchases. Copper Sales Volume Increase: Expected over 20% higher in the second half of 2026 compared to the first half. Gold Sales Volume Increase: Expected more than 65% higher in the second half of 2026 compared to the first half. Average Unit Net Cash Cost: Estimated at $1.90 per pound for 2026, slightly below the previous estimate of $1.95 per pound. Capital Expenditures for 2027: Estimated at $4.8 billion, approximately $300 million above the previous estimate. Projected Annual EBITDA: Ranges from $13 billion at $5 copper to $20 billion at $7 copper for 2027-2028. Operating Cash Flows: Ranges from $9.5 billion at $5 copper to $15.5 billion at $7 copper for 2027-2028. Is FCX fairly valued? Test your thesis with our free DCF calculator. Release Date: July 23, 2026 For the complete transcript of the earnings call, please refer to the full earnings call transcript. Freeport-McMoRan Inc (NYSE:FCX) reported a 65% increase in consolidated net income for the first half of 2026 compared to the previous year. The company successfully ramped up production at the Grasberg Block Cave mine, with production rates doubling during the quarter. Freeport-McMoRan Inc (NYSE:FCX) increased its ownership in Cerro Verde by 2% through opportunistic share purchases, enhancing its stake in a valuable asset. The company is advancing several growth projects, including a major expansion at the Baghdad mine in Arizona and regulatory work for expansion at the Alabra mine in Chile. Freeport-McMoRan Inc (NYSE:FCX) returned $600 million to shareholders in the first half of 2026, including $200 million in share repurchases, demonstrating a commitment to shareholder returns. The capital expenditure for the Baghdad expansion is estimated to be approximately 30% higher than previous estimates, reflecting increased commodity and labor costs. There are ongoing challenges with wet conditions at the Grasberg mine, although improvements have been noted. The company faces volatility in diesel prices and sulfur and acid costs, impacting operating expenses. Freeport-McMoRan Inc (NYSE:FCX) has not yet received formal approval for the extension of its operating rights in Indonesia, which is crucial for long-term planning. The company's target of reducing U.S. operating costs to $2.50 per pound by 2027 may be challenging to achieve due to current market conditions. Q: Can you provide more details on the Baghdad project, particularly regarding the expected CapEx and the timeline for a decision? A: Kathleen Quirk, President and CEO, explained that they are working towards a final decision in the second half of this year. The CapEx is expected to be higher than the 2023 estimate, but they are optimizing the operating model to offset these costs. The project remains attractive at a $4 per pound copper price, and they are focusing on efficiency and modern technologies to enhance the project's resilience and cost-effectiveness. Q: What is causing the expected reduction in copper and gold production at Grasberg in 2028? A: Kathleen Quirk noted that the reduction is due to lower grades in 2028 compared to previous estimates. However, the operating rates and plans remain similar, with some sequencing and timing changes affecting the 2028 timeframe. Q: Could you update us on the progress and timing for the Grasberg extension agreement with the Indonesian government? A: Kathleen Quirk stated that the terms were agreed upon in a memorandum of understanding in February, and a formal application was submitted in June. The process involves regulatory review, and while there is no set timeframe, they aim to complete it this year. Richard Adkerson added that meetings with Indonesian officials were positive, and there is a shared understanding of the importance of finalizing the agreement. Q: Can you discuss the recent purchase of Cerro Verde shares and how it aligns with shareholder returns? A: Kathleen Quirk mentioned that Freeport opportunistically purchased shares in Cerro Verde, increasing their ownership to over 55%. While the float is small, they are interested in acquiring more if opportunities arise. This investment does not impact the share buyback program, which continues based on performance-based cash flow returns to shareholders. Q: What is driving the improved production rates at Grasberg, and is there potential upside to the guidance? A: Kathleen Quirk explained that the production rates are in line with guidance, with June averaging 69,000 tons per day. The second half of the year will see steady production as they complete upgrades to the material handling system. Mark Johnson added that improvements in wet-to-dry draw points and ongoing upgrades will support future production increases. For the complete transcript of the earnings call, please refer to the full earnings call transcript.

For the quarter ended June 2026, Freeport-McMoRan (FCX) reported revenue of $7.03 billion, down 7.3% over the same period last year. EPS came in at $0.74, compared to $0.54 in the year-ago quarter. The reported revenue compares to the Zacks Consensus Estimate of $6.47 billion, representing a surprise of +8.57%. The company delivered an EPS surprise of +19.36%, with the consensus EPS estimate being $0.62. While investors closely watch year-over-year changes in headline numbers -- revenue and earnings -- and how they compare to Wall Street expectations to determine their next course of action, some key metrics always provide a better insight into a company's underlying performance. Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance. Here is how Freeport-McMoRan performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts: Production - Molybdenum (millions of recoverable pounds) - Climax: 5.00 Mlbs versus 5.94 Mlbs estimated by three analysts on average. Total - Copper (millions of recoverable pounds) - Unit net cash costs per pound: $1.97 versus the three-analyst average estimate of $2.12. Sales - Gold (thousands of recoverable ounces) - Consolidated: 123.00 Koz compared to the 139.57 Koz average estimate based on three analysts. Indonesia operations - Unit net cash (credits) costs: $-0.81 compared to the $-1.43 average estimate based on three analysts. South America operations - Unit net cash costs: $2.48 versus the three-analyst average estimate of $2.66. Revenues- Indonesia Operations: $1.48 billion versus the three-analyst average estimate of $1.23 billion. The reported number represents a year-over-year change of -56.6%. Revenues- Molybdenum Mines: $204 million versus the three-analyst average estimate of $350.55 million. The reported number represents a year-over-year change of +13.3%. Revenues- South America Operations: $1.81 billion compared to the $1.66 billion average estimate based on three analysts. The reported number represents a change of +43.5% year over year. Revenues- U.S. Copper Mines: $2.28 billion compared to the $2.15 billion average estimate based on three analysts. The reported number represents a change of +33.1% year over year. Revenues- U.S. Rod & Refining: $2.24 billion versus the two-analyst average estimate of $1.88 billion. The reported number represents a year-over-year change of +31.6%. Revenues- Atlantic Copper Smelting & Refining: $1.03 billion versus the two-analyst average estimate of $893.45 million. The reported number represents a year-over-year change of +25.9%. Revenues- Corporate, Other & Eliminations: $-2.02 billion versus the two-analyst average estimate of $-1.68 billion. The reported number represents a year-over-year change of +33.7%. View all Key Company Metrics for Freeport-McMoRan here>>> Shares of Freeport-McMoRan have returned +5.1% over the past month versus the Zacks S&P 500 composite's +0.4% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term. Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Freeport-McMoRan Inc. (FCX) : Free Stock Analysis Report This article originally published on Zacks Investment Research (zacks.com). Zacks Investment Research