BOSTON (Thomson Financial) - Freeport-McMoRan Copper & Gold Inc. Tuesday
reported second-quarter net income of $947 million, or $2.25 a share, missing
the mean estimate of analysts polled by Thomson Reuters of $2.44 a share.
In the same period a year ago, the company posted net income of $1.1
billion, or $2.62 a share.
Revenue for the Phoenix-based copper producer was $5.441 billion, down
slightly from $5.443 billion a year earlier. Analysts, on average, had estimated
revenue of $5.27 billion.
Separately, Freeport-McMoRan said it has increased its annual common stock
dividend to $2 from $1.75.
The dividend will be payable quarterly (50 cents per share) beginning with
the Nov. 2008 dividend payment, the company said.
The company also said its board has approved an increase in the company's
share repurchase program to 30 million shares from the prior authorization of 20
million shares.
The company's shares closed Monday at $107.01.
Casey Logan
cl/vj
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