(FCX - Free Report
) is a mining giant that is primarily engaged in mineral exploration and development, mining and milling of copper, gold, molybdenum and silver, as well as the smelting and refining of copper concentrates.
Freeport is taking actions to manage costs and capital spending amid a still challenging operating environment. The company also remains focused on de-leveraging its balance sheet, partly through assets sale.
Let’s have a quick look at this mining behemoth’s second-quarter release.
Estimate Trend & Surprise History
Estimate for Freeport for the second quarter has been going down over the past week. The company has missed the Zacks Consensus Estimate in all the trailing 4 quarters with an average negative surprise of 41.3%.
Freeport reported adjusted earnings of 17 cents per share for the quarter, missing the Zacks Consensus Estimate of 20 cents.
Freeport-McMoran, Inc. Price and EPS Surprise
Freeport has no borrowings with $3.5 billion of credit available at the end of the reported quarter.
Currently, Freeport has a Zacks Rank #4 (Sell), but that could change following its earnings report which was just released.
Freeport’s shares were up 2% in the pre-market trading following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Freeport’s earnings report!
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