Freeport-McMoRan Tops Estimates Despite Weaker Copper Prices -- Earnings Review
July 25 2018 - 9:53AM
Dow Jones News
By Kimberly Chin
Freeport-McMoRan Inc. (FCX) reported second-quarter earnings on
Wednesday before the bell. Here's what you need to do know:
PROFIT: The metal mining company reported profit of $869
million, compared to $268 million a year ago. On an adjusted basis,
the company earned 58 cents a share, up from 17 cents a year ago.
Profit was above analysts estimates' of $788.21 million, or 52
cents a share on an adjusted basis, according to Thomson
Reuters.
REVENUE: Freeport-McMoRan posted sales of $5.2 billion, a
roughly 40% increase from a year ago. Sales of copper, gold and
lead were all up for the quarter. The company sold 989 million
pounds of copper, 676,000 ounces of gold and 24 million pounds of
lead.
COMMENT: "Despite the recent decline in copper prices associated
with the uncertain impact on the global economy of recent
international trade actions, we remain positive on the outlook for
copper prices given limitations on supply and the important role of
copper in the global economy," Richard C. Adkerson, president and
chief executive, said.
STOCK: Shares of the company were up 1.1% at $16.25 a share in
premarket trading.
Write to Kimberly Chin at kimberly.chin@wsj.com
(END) Dow Jones Newswires
July 25, 2018 09:38 ET (13:38 GMT)
Copyright (c) 2018 Dow Jones & Company, Inc.
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