Freeport-McMoRan Inc (FCX) Misses Second Quarter Earnings

Freeport-McMoRan Inc (NYSE:FCX) announced its second quarter results, before the markets opened for trade today. The company’s revenues for the second quarter saw an increase of 29% to $5.52 billion from $4.29 billion it posted in the second quarter of 2013. The net income fell slightly to $482 million or $0.46 per share, for second-quarter 2014, compared with net income of $482 million or $0.49 per share, for second-quarter 2013.

Mining Stocks

“Big disappointment there, they were looking for $0.51 a share EPS. Revenue $5.52 billion, now that was better than the $5.34 billion estimate for Freeport-McMoRan,” Lori Rothman said while breaking down Freeport-McMoRan Inc (NYSE:FCX) second quarter earnings report on Fox Business News.

Freeport-McMoRan Inc (NYSE:FCX) is one of the world’s largest copper producers which it mines in the U.S., Chile, Peru, the Democratic Republic of Congo and Indonesia. The average realized price of Copper for Freeport-McMoRan Inc (NYSE:FCX) for the second quarter was $3.16 a pound, compared with $3.17 a pound in the second quarter of 2013. The company attributed its increase in revenues to the investments in U.S.-focused oil and gas businesses.

“Our second-quarter results reflect continued strong operating performance in our North America, South America and Africa mining operations and from our oil and gas operations, partly offset by the effects of reduced output from Indonesia. We are encouraged by our discussions with the Indonesian government toward reaching a near-term agreement to enable resumption of PT Freeport Indonesia’s copper concentrate exports. During the quarter, we completed a $3.1 billion sale of our Eagle Ford shale assets and acquired additional interests in our Deepwater Gulf of Mexico focus area. […],”James R. Moffett, Chairman of the Board; Richard C. Adkerson, Vice Chairman, and FCX President and Chief Executive Officer; and James C. Flores, Vice Chairman, and FM O&G President and Chief Executive Officer, said on Freeport-McMoRan Inc (NYSE:FCX)’s second quarter results.


Disclosure: None

Biotech Insider Alert - $5 Stock To Hit $40

$200 Million Dollar Healthcare Hedge Fund's #1 Best Idea Right Now

The best healthcare hedge fund out there right now is one of the largest shareholders in this biotech stock. The fund returned more than 20% in each of the last 2 years with a virtually fully hedged portfolio, and it's sending out a BUY signal on this biotech stock. Get your FREE REPORT today (retail value of $300)

This is a FREE report from Insider Monkey. Credit Card is NOT required.
X

Thanks! An email with instructions is sent to !

Your email already exists in our database. Click here to go to your subscriptions

Insider Monkey returned 129% in 2.5 years!! Wondering How?

Download a complete edition of our newsletter for free!