FREEPORT-McMoRan INC. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2018. For the quarter, the company reported revenues of $4,908 million against $4,310 million a year ago. Operating income was $1,315 million against $928 million a year ago. Income from continuing operations before income taxes and equity in affiliated companies' net earnings was $1,186 million against $626 million a year ago. Net income from continuing operations was $668 million or $0.38 basic and diluted per share against $242 million or $0.19 basic and diluted per share a year ago. Net income was $664 million against $245 million a year ago. Net income attributable to FCX common stock was $556 million or $0.38 basic and diluted per share against $280 million or $0.19 basic and diluted per share a year ago. Adjusted net income attributable to common stock was $514 million or $0.35 per share against $492 million or $0.34 per share a year ago. Operating cash flows were $1,247 million against $1,183 million a year ago. Capital expenditures were $507 million against $314 million a year ago.

For the nine months, the company reported revenues of $14,944 million against $11,362 million a year ago. Operating income was $4,438 million against $2,211 million a year ago. Income from continuing operations before income taxes and equity in affiliated companies' net earnings was $4,073 million against $1,577 million a year ago. Net income from continuing operations was $2,535 million or $1.46 diluted per share against $836 million or $0.50 basic and diluted per share a year ago. Net income was $2,516 million against $886 million a year ago. Net income attributable to FCX common stock was $2,117 million or $1.45 diluted per share against $776 million or $0.53 diluted per share a year ago. Adjusted net income attributable to common stock was $2,048 million or $1.41 per share against $954 million or $0.65 per share a year ago. Net cash provided by operating activities was $3,925 million against $3,012 million a year ago. Capital expenditures were $1,391 million against $1,020 million a year ago.

For the quarter, the company reported copper production of 1,006 million of recoverable pounds against 996 million of recoverable pounds a year ago. Gold production was 760,000 of recoverable ounces against 418,000 of recoverable ounces a year ago. Molybdenum production was 23 million of recoverable pounds against 24 million of recoverable pounds a year ago.

For the nine months, the company reported copper production of 2,972 million of recoverable pounds against 2,730 million of recoverable pounds a year ago. Gold production was 2,105,000 of recoverable ounces against 1,010,000 of recoverable ounces a year ago. Molybdenum production was 69 million of recoverable pounds against 70 million of recoverable pounds a year ago.

The company provided earnings guidance for the fourth quarter and full year of 2018. Based on current sales volume and cost estimates, and assuming average prices of $2.85 per pound for copper, $1,200 per ounce for gold and $12.00 per pound for molybdenum for fourth-quarter 2018, operating cash flows are expected to approximate $4.2 billion (net of $0.5 billion in working capital uses and timing of other tax payments) for the year 2018. Capital expenditures for the year 2018 are expected to approximate $2.0 billion, including $1.2 billion for major mining projects primarily associated with underground development activities in the Grasberg minerals district in Indonesia and development of the Lone Star oxide project in Arizona. Sales volumes for the year 2018 are expected to approximate 3.8 billion pounds of copper, 2.45 million ounces of gold and 95 million pounds of molybdenum, including 790 million pounds of copper, 330,000 ounces of gold and 25 million pounds of molybdenum in fourth-quarter 2018.