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Freeport-McMoRan posts Q2 loss as metal, oil prices drop

Published 2015-07-23, 08:16 a/m
© Reuters. Freeport-McMoRan posts Q2 loss as metal, oil prices drop

TORONTO, July 23 (Reuters) - Diversified U.S. miner and
energy company Freeport-McMoran Inc FCX.N reported a sizeable
second-quarter net loss on Thursday, reflecting a big write-down
for the value of its oil and gas properties and slumping prices
for the copper, gold and oil that it produces.
The Phoenix, Arizona-based company reported a net loss
attributable to shareholders of $1.85 billion, or $1.78 per
share, compared with a year-earlier net income of $482 million,
or 46 cents a share.
Excluding one-time charges of $2 billion, or $1.92 a share,
Freeport said adjusted profit was $143 million, or 14 cents a
share, for the quarter ended June 30.
Analysts had expected an adjusted profit of 7 cents a share,
on average, according to Thomson Reuters I/B/E/S.
Revenue fell to $4.2 billion from $5.5 billion.


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