Home / Business / Freeport-McMoRan skids as 2Q sales fall short of estimates
This Monday, Aug. 24, 2015, file photo, shows the New York Stock Exchange. (AP Photo/Seth Wenig, File)

Freeport-McMoRan skids as 2Q sales fall short of estimates

PHOENIX (AP) — Freeport-McMoRan stock slumped Tuesday after the mining company reported weaker-than-expected revenue for the second quarter as the price of copper and oil plunged and gold sales tumbled.

Freeport-McMoRan sold 156,000 ounces of gold, less than half as much as it sold a year ago. Meanwhile its average selling price for oil fell 18 percent compared to the second quarter of 2015, and the price of copper slumped 20 percent.

The Phoenix-based company disclosed a loss of $479 million, or 38 cents per share. Excluding one-time items, Freeport-McMoRan said it lost 2 cents per share. Its revenue dropped 15 percent to $3.33 billion.

Analysts expected it to take a loss of 1 cent per share on $3.73 billion in revenue, according to Zacks Investment Research.

At least for now, the results halted a big rally in Freeport-McMoRan stock. The shares fell 30 cents, or 2.5 percent, to $12.08 in morning trading. The stock reached its lowest price in more than a decade at the beginning of 2016, but it’s climbed almost 80 percent this year, one of the largest gains for any stock in the Standard & Poor’s 500 index.

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Elements of this story were generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCX at http://www.zacks.com/ap/FCX

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Keywords: Freeport-McMoran Copper & Gold, Earnings Report

 

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