Freeport-McMoRan posts Q2 loss as metal, oil prices drop

Thu Jul 23, 2015 8:16am EDT
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TORONTO, July 23 (Reuters) - Diversified U.S. miner and energy company Freeport-McMoran Inc reported a sizeable second-quarter net loss on Thursday, reflecting a big write-down for the value of its oil and gas properties and slumping prices for the copper, gold and oil that it produces.

The Phoenix, Arizona-based company reported a net loss attributable to shareholders of $1.85 billion, or $1.78 per share, compared with a year-earlier net income of $482 million, or 46 cents a share.

Excluding one-time charges of $2 billion, or $1.92 a share, Freeport said adjusted profit was $143 million, or 14 cents a share, for the quarter ended June 30.

Analysts had expected an adjusted profit of 7 cents a share, on average, according to Thomson Reuters I/B/E/S.

Revenue fell to $4.2 billion from $5.5 billion.

(Reporting by Susan Taylor, Editing by Franklin Paul)