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NEW YORK (AP) -- Freeport-McMoran Copper & Gold Inc. on Thursday reported a second-quarter loss as its revenue plunged and costs ate into its bottom line.
The mining company lost $1.84 billion, or $1.78 per share, compared with profit of $482 million, or 46 cents per share, a year prior.
Earnings, adjusted for non-recurring costs, were 14 cents per share.
The results beat Wall Street expectations, with the average estimate of 10 analysts surveyed by Zacks Investment Research set for earnings of 11 cents per share.
Revenue fell 23 percent to $4.25 billion from $5.52 billion, partly on lower prices for copper and gold. The results fell short of expectations, with four analysts surveyed by Zacks expecting $4.52 billion.
The Phoenix-based company also had writedowns for its oil and gas properties.
Shares fell $1.53, or 10.2 percent, to $13.53 in afternoon trading.
Freeport-McMoran shares have decreased 36 percent since the beginning of the year, while the Standard & Poor's 500 index has risen almost 3 percent. The stock has decreased 57 percent in the last 12 months.
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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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VanEck Vectors Global Alternative Energy ETF
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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 2.4 billions as of today (€ 2.1 billions). Its stock quote reached its lowest recent point on March 06, 2020 at 10.00, and its highest recent level on October 10, 2024 at 49.54. Freeport McMoran has 47 442 200 shares outstanding. |