| Freeport-McMoRan 2Q sales disappoint, but shares rise | |
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NEW YORK (AP) -- Mining company reported Freeport-McMoRan on Tuesday reported weaker-than-expected revenue for the second quarter as the price of copper and oil plunged and gold sales tumbled.
Freeport-McMoRan sold 156,000 ounces of gold, less than half as much as it sold a year ago. Meanwhile its average selling price for oil fell 18 percent compared to the second quarter of 2015, and the price of copper slumped 20 percent.
The Phoenix-based company disclosed a loss of $479 million, or 38 cents per share. Excluding one-time items, Freeport-McMoRan said it lost 2 cents per share. Its revenue dropped 15 percent to $3.33 billion.
Analysts expected it to take a loss of 1 cent per share on $3.73 billion in revenue, according to Zacks Investment Research.
Freeport-McMoRan shares opened lower, but turned around to sustain a big rally. The shares rose 38 cents, or 3 percent, to $12.76 in afternoon trading. The stock reached its lowest price in more than a decade at the beginning of 2016, but it's climbed almost 90 percent this year, one of the largest gains for any stock in the Standard & Poor's 500 index.
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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCX at http://www.zacks.com/ap/FCX
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Keywords: Freeport-McMoran Copper & Gold, Earnings Report
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Freeport McMoRan Copper and Gold Inc.
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PRODUCER |
CODE : FCX |
ISIN : US35671D8570 |
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ProfileMarket IndicatorsVALUE : Projects & res.Press releasesAnnual reportRISK : Asset profileContact Cpy |
Freeport McMoran is a copper and gold producing company based in United states of america. Freeport McMoran produces copper, gold, cobalt, molybdenum and silver in Chile, in Congo Dem. Rep. of, in Indonesia and in Peru, develops copper in Peru, and holds various exploration projects in Chile. Its main assets in production are CANDELARIA, EL ABRA, CHINO - MILL, HENDERSON, MIAMI - ROM LEACH, MORENCI - MILL, OJOS DEL SALADO, MORENCI and MORENCI - ROM LEACH in Chile, GRASBERG, SIERRITA and BAGDAD in Indonesia, TENKE FUNGURUME and TYRONE in Congo Dem. Rep. of and CERRO VERDE in Peru, its main asset in development is SAFFORD in Peru and its main exploration properties are BAGDAD - ROM LEACH and CHINO - ROM LEACH in Peru and CERRO VERDE - MILL, CERRO VERDE - CRUSHED LEACH, CERRO VERDE - ROM LEACH, EL ABRA - ROM LEACH and CLIMAX in Chile. Freeport McMoran is listed in Germany and in United States of America. Its market capitalisation is US$ 57.9 billions as of today (€ 52.1 billions). Its stock quote reached its lowest recent point on March 06, 2020 at US$ 10.00, and its highest recent level on September 06, 2024 at US$ 40.00. Freeport McMoran has 1 448 000 000 shares outstanding. |