Freeport-McMoRan gains on Q2 profit beat - FCX News | RalliesFreeport-McMoRan gains on Q2 profit beat
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FCX• Shares rise after profit beat
- Shares of copper miner Freeport-McMoRan
FCX.N were up 1.5% at $66.00 in premarket trading.
- The company beat profit estimates as higher copper prices offset lower production at its Grasberg mine in Indonesia.
- It posted second-quarter EPS of 74 cents versus estimates of 59 cents, according to data compiled by LSEG.
- Average realized price came in at $6.17 per pound, compared with $4.54 per pound a year earlier.
- FCX's copper production fell 18.2% to 786 million pounds, while gold production fell 39.4% to 192,000 ounces.
- As of the last close, FCX was up 28% year to date.
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