Freeport-McMoRan’s Q2 Profit Plunges 48%, but Adjusted Net Still Beats View (FCX)


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Copper and gold producer Freeport-McMoRan Copper & Gold Inc. ( FCX ) on Thursday posted much lower second quarter earnings results, but adjusted numbers were still better than Wall Street's tepid expectations.

The Pheonix-based company reported second quarter net income of $710 million, or 74 cents per share, compared with $1.37 billion, or $1.43 per share, in the year-ago period. Excluding special items, adjusted profit was 80 cents per share.

Revenue plunged 23% from last year to $4.48 billion.

On average, Wall Street analysts expected a still-lower profit of 75 cents per share, on slightly smaller revenue of $4.46 billion.

Freeport-McMoRan shares rose 34 cents, or +1%, in premarket trading Thursday.

The Bottom Line
Shares of Freeport McMoran ( FCX ) have a 3.79% dividend yield, based on last night's closing stock price of $33.02. The stock has technical support in the $30 price area. If the shares can firm up, we see overhead resistance around the $38-$40 price levels.

Freeport-McMoRan Copper & Gold Inc. ( FCX ) is not recommended at this time, holding a DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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