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Freeport-McMoran reports 2Q loss

PHOENIX (AP) — Freeport-McMoran Copper & Gold Inc. (FCX) on Thursday reported a second-quarter loss of $1.84 billion, after reporting a profit in the same period a year earlier.

On a per-share basis, the Phoenix-based company said it had a loss of $1.78. Earnings, adjusted for non-recurring costs, were 14 cents per share.

The results beat Wall Street expectations. The average estimate of 10 analysts surveyed by Zacks Investment Research was for earnings of 11 cents per share.

The mining company posted revenue of $4.25 billion in the period, missing Street forecasts. Four analysts surveyed by Zacks expected $4.52 billion.

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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This story was 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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