Freeport-McMoRan Tops Estimates Despite Weaker Copper Prices -- Earnings Review

   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)

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