UPDATE 1-Freeport swings to quarterly loss as copper, gold output drops [Reuters]
Freeport-McMoRan, Inc. (FCX)
Last freeport-mcmoran, inc. earnings: 4/24 07:30 am
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Source: Reuters
Freeport swings to quarterly loss as copper, gold output drops (Reuters) - Freeport-McMoRan Inc ( FCX.N The loss, the company’s first since 2016, had been expected and beat Wall Street’s expectations. But it comes as Freeport is spending heavily to expand Indonesia’s Grasberg copper and gold mine underground, a two-year process that is vital to the company’s future. Shares of the Phoenix-based company fell 1.6 percent to $11.46 in premarket trading. Freeport reported a second-quarter net loss of $72 million, or 5 cents per share, compared with a net profit of $869 million, or 59 cents per share, in the year-ago period. Excluding one-time items, Freeport lost 4 cents per share. By that measure, analysts expected a loss of 5 cents per share, according to IBES data from Refinitiv. Production of copper fell 24 percent to 776 million pounds and gold output fell 79 percent to 160 million pounds. The price Freeport receives for its copper fell 10 percent during the quarter even as its costs
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- Freeport-McMoRan Inc. (NYSE: FCX) had its price target raised by analysts at Argus from $44.00 to $54.00. They now have a "buy" rating on the stock.MarketBeat
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- 4/24/24 - Beat
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- 4/26/24 - Form DEFA14A
- 4/26/24 - Form DEF
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