Freeport-McMoRan Swings to Loss in 2Q
24 July 2019 - 10:50PM
Dow Jones News
By Aisha Al-Muslim
Freeport-McMoRan Inc. (FCX) swung to a loss in the latest
quarter as revenue dropped.
The Phoenix-based mining company Wednesday reported a loss of
$72 million, or 5 cents a share, down from a profit of $869
million, or 59 cents a share, a year earlier.
Excluding one-time items, Freeport-McMoRan reported a loss of 4
cents a share. Analysts polled by FactSet expected a loss of 5
cents a share.
Revenue dropped 31% to $3.55 billion, slightly above the
consensus forecast of $3.54 billion.
In the quarter, consolidated sales totaled 807 million pounds of
copper, 189,000 ounces of gold and 24 million pounds of
molybdenum.
For the full year, consolidated sales are still expected to be
about 3.3 billion pounds of copper, 0.8 million ounces of gold and
94 million pounds of molybdenum.
Write to Aisha Al-Muslim at aisha.al-muslim@wsj.com
(END) Dow Jones Newswires
July 24, 2019 08:35 ET (12:35 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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