Earnings Of Freeport-Mcmoran Hit Expectations

Posted On 15 Aug 2013

Tag: Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX), NYSE:FCX

Denver, CO, 08/15/2013 (Avauncer.com) – Freeport-McMoRan Copper & Gold Inc. (NYSE:FCX) closed at $31.59 in the previous trading session after going up by 1.38% (or $0.43). With around 1.04 billion outstanding shares, the market capitalization of the company is $32.79 billion.

The company, Freeport-McMoRan Copper & Gold Inc. has announced its earnings for the quarter that ended on June 30. The company reported earnings per share of $0.49 for the quarter on income of $4.29 billion. Market experts were seeking earning of 39 cents per scrip, before results got released for the said quarterly period. The estimations of Consensus income for the period of 3 months stood at $4.39 billion. Freeport-McMoRan Copper & Gold Inc. registered earnings per share of 80 cents on income totalling $4.5 billion, during the corresponding period of last year, 2012.

During the first half of this year, the big trouble faced by Freeport-McMoRan was the instability in the yellow metal market, the gold market. The scrip of the firm lost over 14%, thus far in 2013. During the month of April, the major losses reflected those of the value of the costly metal. Accordingly, the approximations for the earnings of the firm have descended this year.

As a result of this, shareholders are sure to be worried about the outlook of Freeport-McMoRan. Because there are still some queries regarding the future of one of the most significant markets of the firm, that is, gold market. At the moment, the firm is becoming the manufacturer of energy and the shareholders are likely concerned about the capability of the firm to keep so many balls in the air in various tricky zones. The company, Freeport-McMoRan Copper & Gold Inc. had a difficult time. At the present time, the commodities markets are not looking positive and the company has suffered from changes all around that region.

Freeport-McMoRan is an international mining company that reserves and produces copper, gold and molybdenum.

About the Author

Eric Shireya is a former newspaper section editor and reporter who has been reporting on Fashion and Lifestyle for about 10 years. His work has been published in national business trade magazines, and can be found on wire services, in daily newspapers, in university alumni magazines, on the web, in newsletters, and more. His career highlights have included interviewing Bob Hope, laughing through a phone conversation with Richard Simmons, chatting with Melissa Etheridge, and enduring a press conference in a hot air balloon.