Freeport-McMoRan profit jumps on surging copper prices
July 22 (Reuters) - Freeport-McMoRan Inc (FCX.N) beat Wall Street's expectations for second-quarter earnings on Thursday as the copper producer, one of world's largest, benefited from higher demand and increased prices for the red metal.
Copper prices touched an all-time record high of $10,747.50 a tonne in May. Bullish investors bet that demand for the red metal will increase further as the world economy recovers from COVID-19 woes and as green energy investments ramp up.
The Phoenix, Arizona-based miner's adjusted net income attributable to common stock was $1.14 billion, or 77 cents per share, in the three months ended June 30, compared with $44 million, or 3 cents per share, a year earlier.
Analysts on average had expected a profit of 76 cents per share, according to IBES data from Refinitiv.
Shares fell slightly to $34.54 in midday trading.
The average realized price Freeport received per pound of the red metal rose 70% in the second quarter, while copper production increased about 19% to 913 million pounds.
The company said production of molybdenum, a battery metal used in airbags, stood …
More on: www.reuters.com