Home / Business / Freeport-McMoRan skids as 2Q sales fall short of estimates
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In this Tuesday, Sept. 8, 2015, file photo, a Wall Street street sign is framed by a giant American flag hanging on the facade of the New York Stock Exchange. Global stock markets were having another lackluster day Wednesday, Feb. 3, 2016, amid ongoing worries over the state of the world economy, which has piled the pressure on oil prices in particular. (AP Photo/Mary Altaffer, 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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