Freeport-McMoRan Inc. announced unaudited consolidated earnings results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported Revenue was $4,310 million against $3,877 million a year ago. Operating income was $917 million against $359 million a year ago. Income from continuing operations before income taxes and equity in affiliated companies' net earnings was $626 million against $177 million a year ago. Net income from continuing operations was $242 million against $292 million a year ago. Net income attributable to company common stock was $280 million against $217 million a year ago. Basic and diluted net income per share from continuing operations was $0.19 against $0.18 a year ago. Basic and diluted net income per share was $0.19 against $0.16 a year ago. Adjusted net income attributable to common stock was $492 million against $178 million a year ago. Adjusted net income per share was $0.34 against $0.13 a year ago. Capital expenditures totaled $308 million for third-quarter 2017 (including approximately $200 million for major mining projects). Operating cash flows totaled $1.2 billion (including $45 million in working capital sources and changes in tax payments) for third-quarter 2017.

For the nine months, the company reported Revenue was $11,362 million against $10,453 million a year ago. Operating income was $2,166 million against operating loss of $3,495 million a year ago. Income from continuing operations before income taxes and equity in affiliated companies' net earnings was $1,577 million against income from continuing operations before income taxes and equity in affiliated companies' net loss of $3,964 million a year ago. Net income from continuing operations was $836 million against net loss from continuing operations of $4,034 million a year ago. Net income attributable to company common stock was $776 million against net loss attributable to company common stock of $4,446 million a year ago. Basic and diluted net income per share from continuing operations was $0.5 against basic and diluted net loss per share from continuing operations of $3.27 a year ago. Basic and diluted net income per share was $0.53 against basic and diluted net loss per share of $3.45 a year ago. Net cash provided by operating activities was $3,012 million against $2,594 million a year ago. Adjusted net income attributable to common stock was $954 million against adjusted net loss attributable to common stock of $32 million a year ago. Adjusted net income per share was $0.65 against adjusted net loss per share of $0.02 a year ago. Capital expenditures totaled $1.0 billion for the first nine months of 2017 (including $0.6 billion for major mining projects).

The company reported production results for the third quarter and nine months ended September 30, 2017. For the quarter, the company reported production of copper of 996 million of recoverable pounds compared to 1,093 million of recoverable pounds a year ago. Production of gold was 418,000 of recoverable ounces compared to 308,000 of recoverable ounces a year ago and production of Molybdenum was 24 million of recoverable pounds compared to 19 million of recoverable pounds a year ago.

For the nine months, the company reported production of copper of 2,730 million of recoverable pounds compared to 3,091 million of recoverable pounds a year ago. Production of gold was 1,010,000 of recoverable ounces compared to 658,000 of recoverable ounces a year ago and production of Molybdenum was 70 million of recoverable pounds compared to 58 million of recoverable pounds a year ago.

Capital expenditures are expected to approximate $1.5 billion for the year 2017, including $0.9 billion for major mining projects, primarily for underground development activities at Grasberg. Operating cash flows for the year 2017 are expected to approximate $4.3 billion (including $0.5 billion in working capital sources and changes in tax payments). Consolidated sales for the year 2017 are expected to approximate 3.7 billion pounds of copper, 1.6 million ounces of gold and 94 million pounds of molybdenum.

For the fourth quarter, the company expects consolidated sales of 1.0 billion pounds of copper, 625,000 ounces of gold and 23 million pounds of molybdenum.

The company expects capital expenditure of $2.0 billion for the year 2018.

The company expects capital expenditure of $1.8 billion for the year 2019.