Freeport-McMoran (FCX) Misses Q2 EPS by 1c

Freeport-McMoran (NYSE: FCX) reported Q2 EPS of ($0.02), $0.01 worse than the analyst estimate of ($0.01). Revenue for the quarter came in at $3.33 billion versus the consensus estimate of $3.7 billion.

Richard C. Adkerson, President and Chief Executive Officer, said, "We are pleased to report significant progress toward our immediate objective of strengthening FCX’s balance sheet and enhancing shareholder value in a challenging market environment. Our global team continues to execute on our strategy to constrain costs and capital spending in a manner that protects the long-term values of our large resources. Our announced asset sale transactions totaling over $4 billion year-to-date demonstrate the attractiveness of our high-quality asset base. We are focused on executing our operating plans, which position us for significant free cash flow generation in the balance of 2016 and 2017, and on building long-term values from our portfolio of low-cost, long-lived reserves and resources for the benefit of our shareholders."

For earnings history and earnings-related data on Freeport-McMoran (FCX) click here.

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