Thursday, July 21, 2011

Freeport-McMoRan (NYSE: FCX): Q2 2011 Earnings Roundup

Freeport-McMoRan Copper & Gold Inc. (NYSE: FCX) reported Thursday that its second-quarter profit more than doubled to $1.73 billion, or $1.43 per share, from $832 million, or 70 cents per share, in the year-ago quarter. Revenue jumped 50% to $5.81 billion from $3.864 billion. Analysts, on average, had expected earnings of $1.33 a share on revenue of $5.69 billion.

James R. Moffett, Chairman of the Board, and Richard C. Adkerson, President and Chief Executive Officer, said, "Our second-quarter results reflect strong operating performance and favorable pricing for our products. FCX's global team continues to execute our operating plans in an impressive fashion, producing significant quantities of copper, gold and molybdenum to meet growing global demand. Our large resource position and successful exploration program provide significant opportunities for growth. We are advancing projects expeditiously to increase our production while generating attractive returns for shareholders. Our strong financial position and cash flow generation provide the financial resources required for investment as well as substantial cash returns for shareholders."

Full Disclosure: None.
Related Posts with Thumbnails

Wikinvest Wire