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S&P 500 (NYSE:SPY) component Freeport-McMoran Copper & Gold Inc. (NYSE:FCX) posted a decrease in profit as revenue declined. Freeport-McMoRan Copper & Gold is an international company that mines copper, gold and molybdenum.
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Freeport-McMoran Copper & Gold Earnings Cheat Sheet for the Second Quarter
Results: Net income for Freeport-McMoran Copper & Gold Inc. fell to $710 million (74 cents per share) vs. $1.37 billion ($1.43 per share) a year earlier. This is a decline of 48.1% from the year-earlier quarter.
Revenue: Fell 23% to $4.47 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Freeport-McMoran Copper & Gold Inc. fell short of the mean analyst estimate of 79 cents per share. Analysts were expecting revenue of $4.48 billion.
The company has now seen net income fall for four straight quarters. In the first quarter, net income fell 49% while the figure fell 58.7% in the fourth quarter of the last fiscal year and 10.6% in the third quarter of the last fiscal year.
The company fell short of forecasts after beating estimates in the previous two quarters. In the first quarter, it topped the mark by 11 cents, and in the fourth quarter of the last fiscal year, it was ahead by 3 cents.
Revenue has fallen for the last three quarters in a row. In the first quarter, revenue declined 19.3% to $4.61 billion while the figure fell 25.7% in the fourth quarter of the last fiscal year from the year earlier.
Looking Forward: The outlook for the company’s results in the upcoming quarter is unfavorable. The average estimate for the third quarter is 96 cents per share, down from $1.14 ninety days ago. At $3.80 per share, the average estimate for the fiscal year has fallen from $4.13 ninety days ago.
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(Company fundamentals provided by Xignite Financials. Earnings estimates provided by Zacks)
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