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.
“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.