Freeport McMoRan Beats Earnings Forecasts, Lifts Copper Sales Outlook
Freeport-McMoRan sees 22% increase in copper sales, 66% increase in gold sales in Q2
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(Kitco News) - An increase in production and higher copper and gold prices helped one of the world's largest copper producers beat earning expectations for the second quarter.
Thursday, ahead of the North American Open, Freeport-McMoRan Inc. (NYSE: FCX) reported second-quarter 2021 net income attributable to common stock of $1.08 billion, $0.73 per share, and adjusted net income attributable to common stock of $1.14 billion, $0.77 per share. Equity analysts were expecting to see net income of around $0.75 per share.
The company also reported net charges totaling $56 million, $0.04 per share, primarily associated with nonrecurring labor-related charges at Cerro Verde and for historical contested taxes and other matters at PT Freeport Indonesia.
Freeport said that it sold million pounds of copper and gold sales of 305 thousand ounces of gold …
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