Freeport-McMoRan Surges on Strong Q2 Earnings and Copper Demand

Freeport-McMoRan stock surged almost 8% on Friday, building on a steady climb from the low $60s in late July. The move follows a strong Q2 earnings report that beat expectations across the board. Adjusted earnings per share came in at $0.74, well above the $0.62 analysts had forecast.

Revenue hit $7.03 billion, topping estimates of roughly $6.7 billion, driven by strong production of copper, gold, and molybdenum. The company's operating margin was above 27%, suggesting Freeport-McMoRan isn't just benefiting from favorable copper prices; it's also running an efficient operation.

The good news for investors is that the company has a fully funded growth plan, with about $8.3 billion in operating cash flow expected for the full year. This comfortably covers the roughly $4.3 billion in planned capital spending, with the remaining cash split toward shareholder returns.