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

Comments
Insider Monkey Small Cap Strategy
Insider Monkey Small Cap Strategy

Insider Monkey beat the market by 52 percentage points in 24 months. Our beta is only 1.2 (don't click this link if beating the market isn't important to you).

Lists

The 8 Best Foods for Gaining Weight

The 10 Most Expensive Colleges in the World

The 7 Most Memorable Ad Campaigns of All Time

The 7 Most Expensive High Schools in the World

The 10 Electric Vehicles with the Longest Range

The 10 Cities with the Worst Drivers in the World

The 10 Most Expensive Dresses Ever Created

10 Islands to Visit Before You Die

10 Famous Celebrities Who Needed Rehab

The 15 Countries with the Largest Oil Reserves

The 10 Most Overused Excuses in the World

The 5 Best iOS Apps You Can’t Get on Android

5 Companies Damaged By Social Media Blunders

The 10 Most Legendary Blues Songs

The 10 Most Lawless Places in the World

4 Reasons China is a Threat to the US

The 17 Most Sugary Drinks in the World

The 10 Most Ruthless Rulers in History

The 10 Greatest Generals in History

Top 8 Travel Destinations for 2015

The 10 Safest Dog Breeds for Children

The 10 Most Stolen Vehicles in the US

The 7 Most Expensive Celebrity Weddings

The 10 Best LoL Teams in the World

Top 10 Worst Marketing Campaigns Ever Produced

Top 5 Diets that Help You Lose Weight

The 10 Best Ways to Stay Awake

7 Artists That Switched Musical Genres

The 10 Most Expensive Cities to Live in New Jersey

The 10 Best High Schools in New York

The 10 Countries With the Least Gender Inequality

The 6 Biggest Musician-Manager Feuds

The 10 Countries with the Cheapest Gas Prices

The 7 Most Theatrical Bands of All Time

The 8 Worst Band Breakups of All Time

The 10 Most Important South American Leaders

The 7 Most Successful Casting Show Winners

The 10 Most Peaceful Countries in the World

5 Big Reasons Communism Failed

The 15 Most Famous Carl Icahn Quotes

10 Scary Animals that are Actually Harmless

The 8 Most Famous Singer-Actors in Entertainment

The 10 Longest Wars of All Time

The 13 Worst Looking Foods that Taste Great

The 6 Most Gruesome Injuries Suffered During a Sports Match

The 20 Biggest Contracts in MLB History

The 7 Worst Blown Calls in Sports History

7 Free Ways to Advertise Your Business Online

The 18 Best R&B Songs of the 90’s

The 10 Most Dangerous States to be a Cop

Subscribe

Enter your email:

Delivered by FeedBurner

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 47.6% in its first year! Wondering How?

Download a complete edition of our newsletter for free!