Freeport-McMoRan Q2 Preview: Tariff Test
Freeport-McMoRan 
FCX will report Q2 results on Wednesday, July 23, before market open. Street consensus call for EPS of £0.45 on revenue of £7.2 billion, up 8% YoY. Shares are up 19% year-to-date.[1]
Investors will watch realized copper and gold prices after spot copper hit £5.66 per pound on July 21, reaching all time highs and up 40% so far this year.
The bigger swing factor is President Trump's 50% copper-import tariff set for August 1, which could reshape net-cash-cost guidance. Updates on Grasberg underground ramp-up and Cerro Verde throughput will steer volume expectations.
Watch for commentary on balance-sheet flexibility. The board has declared a £0.075 base plus £0.075 variable dividend payable August 1, and CFO Kathleen Quirk has signaled variable returns will track free-cash-flow trends.
A reaffirmation, or tweak, of the 2025 capex plan and cost curve under the new tariff regime could be the next catalyst.