Freeport-McMoRan Stock Falls on Earnings. Tariffs Could Drive Up Costs.

Freeport-McMoRan said second-quarter gold and copper sales volumes came in above the company’s guidance. (OLIVIA RONDONUWU/AFP/Getty Images)

Shares of Freeport-McMoRan fell in premarket trading Wednesday after the miner posted second-quarter results and indicated tariffs could impact costs moving forward.

Adjusted earnings of 54 cents a share came in above the 45 cents a share Wall Street had forecast, according to FactSet. Revenue of $7.58 billion topped the $7.19 billion analysts were expecting.

The mining company said consolidated production totaled 963 million pounds of copper, 317,000 ounces of gold, and 22 million pounds of molybdenum in the quarter. Consolidated sales came to 1 billion pounds of copper, 522,000 ounces of gold, and 22 million pounds of molybdenum.

Freeport noted that second-quarter copper and gold sales volumes exceeded its April 2025 guidance. The company anticipates sales of 3.95 billion pounds of copper, 1.3 million ounces of gold, and 82 million pounds of molybdenum for the full year.

While second-quarter costs weren’t “significantly impacted” by tariffs, Freeport said it continues to monitor possible repercussions on its business, cost structure, and supply chains.

Discussions with suppliers indicate the levies could drive up the cost of goods purchased by roughly 5%, “primarily reflecting the potential pass-through of tariffs incurred by suppliers,” Freeport added. The company is looking into “alternative sourcing options to mitigate potential impacts.”

Shares fell 0.9% to $45.38 in premarket trading. Futures tracking the benchmark S&P 500 were up 0.4%.

Write to Mackenzie Tatananni at mackenzie.tatananni@barrons.com