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Freeport-McMoRan 2Q Net Down 48% on Lower Revenue, Production

By Victoria Stilwell Freeport-McMoRan Copper & Gold Inc.'s (FCX) second-quarter earnings tumbled 48% as the company reported lower revenue and production but forecast a rise in future copper production. The company Thursday said it is on track to increase its annual copper production by more than 25% during the next three years through brownfield investments. The copper producer, whose operations span four continents, saw results improve in past quarters on higher prices for gold and copper, though copper prices have recently leveled. Freeport-McMoran and a subsidiary in April agreed to pay $6.8 million to settle federal and state natural resource damage claims related to its Morenci copper mine in Arizona. The mine was acquired by Freeport-McMoran in 2007, and the complaint alleged that the release of hazardous substances from the mine site damaged or destroyed parts of the environment. Freeport-McMoran reported a profit of $710 million, or 74 cents a share, down from $1.37 billion, or $1.43 a share, a year earlier. The most recent quarter's results include per-share charges of 6 cents for adjustments to environmental obligations and related litigation reserves, while last year's results included a 4-cent per-share charge on similar expenses. Revenue dropped 23% to $4.48 billion. Analysts surveyed by Thomson Reuters recently predicted earnings of 75 cents a share on revenue of $4.43 billion. Copper production fell 8.3% while gold production fell 28%. Molybdenum output declined 9.1%. Realized prices of copper decreased 16% while gold prices rose 5.2%. Shares rose 1.3% to $33.46 in recent premarket trade. The stock is off 41% in the last 12 months through Wednesday's close. Write to Victoria Stilwell at [email protected] Subscribe to WSJ: http://online.wsj.com?mod=djnwires

Stock News for Freeport Mcmoran (FCX)
DateTimeHeadline
02/24/201713:13:22Annual Report (10-k)
02/24/201706:40:00Copper Gains on Weak Dollar, Supply Worries
02/23/201707:09:00Copper Falls on Weak Demand
02/22/201706:25:00Copper Pulls Back Ahead of Fed Minutes
02/21/201706:57:17Current Report Filing (8-k)
02/21/201706:24:00Copper Pulls Back as Dollar Strengthens
02/20/201711:28:00Freeport-McMoRan Won't Accept Terms of Indonesia's Permit Deal...
02/20/201711:04:00Freeport-McMoRan Won't Accept Terms of Indonesia's Permit Deal...
02/20/201710:52:00Freeport-McMoRan Refuses Indonesia's Permit Deal
02/20/201709:28:00Freeport-McMoRan Updates Status of PT Freeport Indonesia Operations
02/20/201707:31:00Mine Disputes Boost Copper
02/20/201701:14:00Freeport-McMoRan Considers Arbitration on Contract Dispute With...
02/20/201700:52:00Freeport-McMoRan Considers Arbitration on Contract Dispute With...
02/20/201700:46:00Correction to Freeport-McMoRan CEO Headline
02/17/201723:16:00Indonesia Approves Export Licenses for Two Copper Mines -- Update
02/17/201717:22:54Statement of Changes in Beneficial Ownership (4)
02/17/201717:22:28Statement of Changes in Beneficial Ownership (4)
02/17/201708:45:00Indonesian Government Approves Export License for 2 Copper Mines
02/17/201706:54:00Copper Eases Ahead of Mine Labor Talks
02/16/201707:07:00Copper Pulls Back From Recent Highs

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