A robust global copper market helped Freeport-McMoRan Inc. meet Wall Street’s expectations in its first-quarter earnings report on Thursday, but the Phoenix-based mining giant is bracing for impacts from tariffs that could be on the way.
Freeport-McMoRan, Arizona’s second-largest public company, reported net income of $352 million, or 24 cents per share, which matched the Zacks Consensus estimate. That per-share figure is 9.4% down from 32 cents a year earlier and also down from 31 cents in Q4 2024, but the company’s $5.728 billion in revenue for the most recent quarter beat the Zacks Consensus
The mining company said it is benefiting from positive market fundamentals based on increasing use of copper in the global economy. While still anticipating strong growth in demand in a tight market this year, the company’s executives said the future could bring headwinds in the form of tariffs.
