viewFreeport-McMoRan Inc

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.

READ: Valgold Resources shareholders vote in favor of Metalla Resources acquisition

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.

Quick facts: Freeport-McMoRan Inc

Price: 30.35 USD

Market: NYSE
Market Cap: $44.09 billion

Add related topics to MyProactive

Create your account: sign up and get ahead on news and events


The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...


CO2 GRO sees 20% higher pepper yields though 10 weeks of Hidroexpo Feasibility

CO2 GRO (CVE: GROW- OTCQB: BLONF) Vice President of Sales and Strategic Alliances Aaron Archibald joined Steve Darling from Proactive to bring details the company has seen very good results from their CO2 Delivery Solution commercial feasibility on greenhouse-grown peppers with Hidroexpo in...

2 days, 2 hours ago

2 min read