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Wednesday July 25, 8:41 PMFreeport-McMoRan's quarterly profit triplesNEW YORK, July 25 (Reuters) - Freeport McMoRan Copper & Gold said on Wednesday that second-quarter profit tripled, boosted by higher metal prices and the acquisition of rival copper miner Phelps Dodge.Net earnings rose to $1.1 billion, or $2.62 per share, from $367 million, or $1.74 per share, a year earlier, the Phoenix-based company said. Revenue quadrupled to $5.81 billion from $1.42 billion. This was the first full quarter that included earnings and production from Phelps Dodge, which Freeport acquired in March. Excluding charges to extinguish debt, earnings were $2.70 per share. On that basis, analysts on average were expecting $2.74, according to Reuters Estimates. The company said second-quarter results also included charges of 18 cents per share for noncash mark-to-market accounting adjustments on Phelps Dodge's copper price protection programs. There also were gains of 5 cents per share from the sale of marketable equity securities. The company, which operates the vast Grasberg gold mine in Indonesia, said consolidated sales from its mines had totaled 1 billion pounds of copper, 913,000 ounces of gold and 15 million pounds of molybdenum in the second quarter. Freeport expects third-quarter sales of 900 million pounds of copper, 125,000 ounces of gold and 16 million pounds of molybdenum. Full-year 2007 consolidated sales are estimated at about 3.9 billion pounds of copper, 2.1 million ounces of gold and 68 million pounds of molybdenum. (Reporting by Steve James) |
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