Shares of Freeport-McMoRan (NYSE: FCX) fell more than 2% intra-day on Thursday despite the company reporting fourth-quarter profit and revenue that exceeded analyst expectations.

The copper producer posted adjusted net income attributable to common stockholders of $688 million, or $0.47 per share, well above the consensus estimate of $0.28. Revenue rose to $5.63 billion, surpassing expectations of $5.28 billion.

Adjusted results excluded $282 million after tax related primarily to idle facility costs, recovery expenses and asset impairments following a September 2025 mud rush incident at the company's Indonesian operations, as well as charges tied to legacy oil and gas assets.

Chief executive Kathleen Quirk said the company remains focused on safely and sustainably restoring operations at the Grasberg Block Cave mine while advancing organic growth projects across the Americas.

Freeport benefits from a 50% tariff on copper imports due to its position as the largest U.S. copper producer and its greater expansion capacity relative to peers.

Fourth-quarter production totaled 640 million pounds of copper, 65,000 ounces of gold and 25 million pounds of molybdenum. Sales reached 709 million pounds of copper, 80,000 ounces of gold and 22 million pounds of molybdenum. Average realized copper prices were $5.33 per pound, while unit net cash costs of $2.22 per pound came in favorable to prior guidance.

For 2026, Freeport expects consolidated copper sales of approximately 3.4 billion pounds and average unit net cash costs of $1.75 per pound. Operating cash flow is projected at roughly $8 billion assuming copper prices of $5.00 per pound, rising to about $11 billion based on recent market prices.