2024-04-23 12:55:23 ET
Freeport-McMoRan Inc. (FCX)
Q1 2024 Earnings Conference Call
April 23, 2024 10:00 AM ET
Company Participants
David Joint – Vice President-Investor Relations
Richard Adkerson – Chairman of the Board and Chief Executive Officer
Kathleen Quirk – President
Conference Call Participants
Liam Fitzpatrick – Deutsche Bank
Chris LaFemina – Jefferies
Michael Dudas – Vertical Research Partners
Bill Peterson – JPMorgan
Lawson Winder – Bank of America Securities
John Tumazos – John Tumazos Very Independent Research
Martin Malloy – Johnson Rice and Company
Presentation
Operator
Ladies and gentlemen, thank you for standing by, and welcome to the Freeport-McMoRan First Quarter Conference Call. At this time all participants are in a listen-only mode. Later we will conduct a question-and-answer session. [Operator Instructions]
I would now like to turn the conference over to Mr. David Joint, Vice President, Investor Relations. Please go ahead, sir.
David Joint
Thank you, Regina, and good morning, everyone. Welcome to the Freeport-McMoRan conference call. Earlier this morning, Freeport reported its first quarter 2024 operating and financial results. A copy of our press release with supplemental schedules and slides is available on our website, fcx.com. Today's conference call is being broadcast live on the Internet. Anyone may listen to the conference call by accessing our website home page and clicking on the webcast link. In addition to analysts and investors, the financial press has been invited to listen to today's call. A replay of the webcast will be available on our website later today.
Before we begin today's – our comments, we'd like to remind everyone that our press release and certain of our comments on the call include non-GAAP measures and forward-looking statements, and actual results may differ materially. Please refer to our cautionary language included in our press release and slides and to the risk factors described in our SEC filings, all of which are available on our website. Also on the call with me today are Richard Adkerson, Chairman of the Board and Chief Executive Officer; Kathleen Quirk, President; Maree Robertson, Senior Vice President and CFO; and other senior members of our management team. Richard will make some opening comments, Kathleen will review our slide materials and then we'll open up the call for questions.
I would now like to call – turn the call over to Richard.
Richard Adkerson
Thank you, David, and thank you all for joining us. We're really pleased today to report our first quarter results. They reflect a continuation of Freeport's long-running success in executing our business plans. Kathleen will present our results, as David said, and then we'll answer your questions. Kathleen will become Freeport's CEO, effective with our Annual Shareholders Meeting on June 11. I will continue as Chairman and support Kathleen and our management team on important strategic issues and external relations. This will be the most seamless management transition in history. There's been a 20-year transition, in fact. Coincidentally, Kathleen joined Freeport shortly after I did 35 years ago and I've been an adviser to the company for the previous two decades. She advanced through our finance group to become CFO when I became CEO 20 years ago. And since then, she has been integral to the management of the company.
When I became Chairman three years ago, I made a personal commitment to build a sustainable Board and a sustainable management team. And since that time, we've added six high-quality independent directors, new directors, which together with our continuing directors comprise a very strong independent board to represent our shareholders. We bolstered our staff with internal promotions and external hires. Freeport is strongly positioned for the future, and I'm personally proud to be able to say that at this point. 20 years ago, we made a strategic commitment to copper based on the fundamentals of supply and demand for the commodity. The validity of that commitment has never been more evident, and the best is yet to come. My personal enthusiasm for Freeport's future has never been stronger. I cannot be more pleased with our Board and with our management team under Kathleen's leadership....
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Freeport-McMoRan Inc. (FCX) Q1 2024 Earnings Call Transcript