Freeport Profit Beats Estimates as Sales Top Forecast
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Freeport-McMoRan Copper & Gold Inc., the world’s largest publicly traded copper producer, reported second-quarter profit that topped analysts’ estimates because of higher-than-forecast sales of the metal.
Earnings excluding some one-time items were $1.49 a share, Phoenix-based Freeport said today in a statement. Analysts projected profit of $1.26, the average of 18 estimates in a Bloomberg survey. Net income rose to $649 million, or $1.40 a share, from $588 million, or $1.38, a year earlier. The shares climbed as much as 6.3 percent in New York.