Net income rose to $1.17 billion, or $0.81 per share, climbing significantly from the $674 million reported during the same period last year. Adjusted earnings of $0.88 per share also outperformed the $0.82 consensus estimate. These gains were driven by strong metal pricing, which provided a necessary buffer against rising expenses.

Consolidated unit net cash costs for copper hit $2.07 per pound, a 48% jump from last year and higher than the company's $2.00 forecast. This escalation stemmed from increased energy prices and lower output volumes. Gold sales were particularly impacted, falling nearly 69% to 105,000 ounces due to delayed shipments. The company noted that 60,000 ounces of refined gold were deferred into the fourth quarter, though it expects to hit its full-year target of 649,000 ounces.

CEO Kathleen Quirk emphasized steady progress at the Grasberg site, where recovery efforts from a September 2025 mud rush remain on track. Looking ahead, Freeport anticipates that increased fourth-quarter gold sales will bolster by-product credits and help lower unit cash costs to $1.68 per pound. Management warned, however, that global energy price volatility linked to Middle East instability remains a primary risk to this outlook.