Freeport-McMoran Inc (NYSE:FCX) Shares Edge Up Pre-Market as Q2 Results Top Street Expectations

Freeport-McMoran Inc (NYSE:FCX) shares edged up in Wednesday’s pre-market session, after the natural-resources company reported Q2 adjusted earnings above analysts’ expectations, while revenue also topped the Street view.

Net income attributable to FCX common stock was $482 million, or $0.46 per share, compared with $482 million, or $0.49 per share, a year earlier. The per-share comparison was skewed by a 6.2% increase in the number of diluted shares outstanding. Excluding one-time items, the company earned $0.58 per share in the latest quarter, up from $0.24 per share in the prior-year period and above the $0.53 per share expected on average by analysts polled by Capital IQ.

Revenue climbed 29% to $5.52 billion, topping analysts’ mean estimate of $5.3 billion. Consolidated sales totaled 968 million pounds of copper, 159 thousand ounces of gold, 25 million pounds of molybdenum and 16.0 million barrels of oil equivalents or MMBOE, compared with Q2 2013 sales of 951 million pounds of copper, 173 thousand ounces of gold, 23 million pounds of molybdenum and 5.0 MMBOE (reflecting oil and gas results beginning June 1, 2013).

“Our second-quarter results reflect continued strong operating performance in our North America, South America and Africa mining operations and from our oil and gas operations, partly offset by the effects of reduced output from Indonesia,” the company’s top executives said. “We are encouraged by our discussions with the Indonesian government toward reaching a near-term agreement to enable resumption of PT Freeport Indonesia’s copper concentrate exports.”

For 2014, the company said it expects approximately 4.1 billion pounds of copper, 1.3 million ounces of gold, 98 million pounds of molybdenum and 58.4 MMBOE, including 1.1 billion pounds of copper, 445 thousand ounces of gold, 23 million pounds of molybdenum and 12.2 MMBOE for Q3.