Freeport-McMoRan: 2Q Earnings Snapshot
PHOENIX (AP) — Freeport-McMoRan Inc. (FCX) on Wednesday reported a second-quarter loss of $72 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Phoenix-based company said it had a loss of 5 cents. Losses, adjusted for non-recurring costs, were 4 cents per share.
The results beat Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for a loss of 5 cents per share.
The mining company posted revenue of $3.55 billion in the period, missing Street forecasts. Three analysts surveyed by Zacks expected $3.59 billion.
Freeport-McMoRan shares have increased 13% since the beginning of the year, while the Standard & Poor’s 500 index has increased 20%.