PHOENIX — Freeport-McMoRan Inc. (FCX) on Thursday reported second-quarter earnings of $1.08 billion.
On a per-share basis, the Phoenix-based company said it had profit of 73 cents. Earnings, adjusted for non-recurring costs, were 77 cents per share.
The results exceeded Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 73 cents per share.
The mining company posted revenue of $5.75 billion in the period, which fell short of Street forecasts. Three analysts surveyed by Zacks expected $5.85 billion.
Freeport-McMoRan shares have increased 33% since the beginning of the year, while the S&P’s 500 index has climbed 16%.
This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCX at https://www.zacks.com/ap/FCX