PHOENIX — Freeport-McMoRan Inc. (FCX) on Tuesday reported second-quarter net income of $268 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Phoenix-based company said it had net income of 18 cents. Earnings, adjusted for non-recurring gains and to account for discontinued operations, were 17 cents per share.
The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 20 cents per share.
The mining company posted revenue of $3.71 billion in the period, which topped Street forecasts. Four analysts surveyed by Zacks expected $3.68 billion.
Freeport-McMoRan shares have dropped almost 2 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased 10 percent.
Keywords: Freeport-McMoRan, Earnings Report