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Freeport-McMoRan Inc crushes second-quarter estimates, reports copper sales above guidance

Consolidated sales totaled 989 million pounds of copper, above the expected guidance of 970 million pounds
Copper ingot
For the full year, sales are expected to total 3.8 billion pounds of copper

Miner Freeport-McMoRan Inc (NYSE:FCX) saw profits jump in its second-quarter, a sharp contrast to this time last year when a strike at its Indonesian mine cut into revenue.

The mining major reported earnings of US$0.59 per share (EPS) on revenue of US$5.2bn compared with US$0.18 EPS on revenue of US$3.7bn in the previous year’s second quarter.

The Arizona-based company crushed Wall Street estimates of US$0.52 EPS on revenue of $4.97bn.

The average realized price for copper rose to US$3.08 per pound from US$2.65.

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Consolidated sales for the second quarter totaled 989 million pounds of copper, a near 5% jump from 942 million pounds in the year-ago quarter. It came in above the expected guidance of 970 million pounds.

For the full year, sales are expected to total 3.8 billion pounds of copper.

"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," said CEO Richard Adkerson in a press release.

The mining company recently announced its plans to sell a majority stake in Grasberg, one of the world’s largest copper mines, to the Indonesian government in a series of deals valued around US$3.9bn.

Shares of the company were up around 1.5% to US$16.32 in Wednesday pre-market trading.

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