Freeport-McMoran Beat Q1 2026 Earnings. Why Is the Stock Still Under $61?

Freeport-McMoRan (FCX) exceeded Q1 2026 earnings expectations significantly, with beats on EPS, revenue, and EBITDA. Despite the strong financial performance, the stock closed down 0.70% due to a guidance cut stemming from production issues at its Grasberg mine in Indonesia. The company attributes this to a temporary material handling bottleneck caused by increased wet ore, with a fix expected by mid-2027 and the issue representing deferred rather than lost production.

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