Freeport-McMoRan Swings to Loss in 2Q

By Aisha Al-Muslim

Freeport-McMoRan Inc. (FCX) swung to a loss in the latest quarter as revenue dropped.

The Phoenix-based mining company Wednesday reported a loss of $72 million, or 5 cents a share, down from a profit of $869 million, or 59 cents a share, a year earlier.

Excluding one-time items, Freeport-McMoRan reported a loss of 4 cents a share. Analysts polled by FactSet expected a loss of 5 cents a share.

Revenue dropped 31% to $3.55 billion, slightly above the consensus forecast of $3.54 billion.

In the quarter, consolidated sales totaled 807 million pounds of copper, 189,000 ounces of gold and 24 million pounds of molybdenum.

For the full year, consolidated sales are still expected to be about 3.3 billion pounds of copper, 0.8 million ounces of gold and 94 million pounds of molybdenum.

Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com

(END) Dow Jones Newswires

July 24, 2019 08:35 ET (12:35 GMT)

Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
From Mar 2024 to Apr 2024