Freeport-McMoRan Reports Q2 Earnings Beat

Freeport-McMoRan FCX reported second-quarter losses of 4 cents per share, which beat the analyst consensus estimate of a 5 cent loss. This is a 106.9% decrease over earnings of 58 cents per share from the same period last year.

The company reported quarterly sales of $3.546 billion, which beat the analyst consensus estimate of $3.54 billion by 0.17%. This is a 31.39% decrease over sales of $5.168 billion the same period last year.

"We are pleased to report that execution of the underground ramp-up at Grasberg is advancing according to plan and recent milestones are encouraging as we target increasing volumes and cash flows from the Grasberg minerals district,” said CEO Richard Adkerson. “We are also progressing our Lone Star copper leach project in Arizona and remain optimistic about the long-term opportunities for this large resource.”

Freeport-McMoRan shares were trading down 1% at $11.53 in Wednesday’s pre-market session. The stock has a 52-week high of $16.62 and a 52-week low of $9.47.

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