Freeport-McMoRan Inc. Q2 Profit Decreases, misses estimates

(RTTNews) - Freeport-McMoRan Inc. (FCX) announced a profit for second quarter that decreased from last year and missed the Street estimates.

The company's bottom line came in at $0.84 billion, or $0.57 per share. This compares with $1.08 billion, or $0.73 per share, in last year's second quarter.

Excluding items, Freeport-McMoRan Inc. reported adjusted earnings of $0.85 billion or $0.58 per share for the period.

Analysts on average had expected the company to earn $0.61 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 5.7% to $5.42 billion from $5.75 billion last year.

Freeport-McMoRan Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $0.84 Bln. vs. $1.08 Bln. last year. -EPS (Q2): $0.57 vs. $0.73 last year. -Analyst Estimates: $0.61 -Revenue (Q2): $5.42 Bln vs. $5.75 Bln last year.