AP NEWS
Click to copy
Click to copy

Freeport-McMoRan: 2Q Earnings Snapshot

July 24, 2019

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%.

_____

This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCX at https://www.zacks.com/ap/FCX

All contents © copyright 2019 The Associated Press. All rights reserved.