Freeport-McMoRan Inc. reported unaudited consolidated earnings results for the first quarter ended March 31, 2017. For the quarter, the company's revenues were $3,341 million compared to $3,242 million a year ago. Operating income was $580 million compared to loss of $3,872 million a year ago. Income from continuing operations before income taxes and equity in affiliated companies' net earnings was $438 million compared to loss of $4,027 million a year ago. Net income from continuing operations was $268 million compared to loss of $4,097 million a year ago. Net income was $306 million compared to loss of $4,101 million a year ago. Net income attributable to the company common stock was $228 million compared to loss of $4,184 million a year ago. Basic and diluted net income per share attributable to common stockholders from continuing operations was $0.13 compared to loss per share of $3.34 a year ago. Basic and diluted net income per share attributable to common stockholders was $0.16 compared to loss per share of $3.35 a year ago. Net cash provided by operating activities was $792 million compared to $740 million a year ago. Adjusted net income attributable to common stock was $220 million compared to loss of $196 million a year ago. Adjusted net income per share was $0.15 compared to loss per share of $0.16 a year ago. Capital expenditures totaled $344 million (including $210 million for major mining projects) for first-quarter 2017.

The company announced consolidated production results for the first quarter ended March 31, 2017. For the quarter, the company's copper production was 851 million of recoverable pounds compared to 987 million of recoverable pounds a year ago. Gold production was 239,000 of recoverable ounces compared to 189,000 of recoverable ounces a year ago. Molybdenum production was 23 million of recoverable pounds compared to 20 million of recoverable pounds a year ago.

Consolidated sales for the year 2017 are expected to approximate 3.9 billion pounds of copper, 1.9 million ounces of gold and 93 million pounds of molybdenum, including 1.0 billion pounds of copper, 440,000 ounces of gold and 24 million pounds of molybdenum for second-quarter 2017.

Operating cash flows for the year 2017 are expected to approximate $4.0 billion (including $1.0 billion in working capital sources and changes in other tax payments). Capital expenditures for the year 2017 are expected to approximate $1.6 billion, including $0.7 billion for underground development activities for the remainder of 2017, which are dependent on a resolution of PT-FI's long-term operating rights.