Freeport-McMoRan Shares Gain 2% After Company Swings To a Profit In Q2

Shares of Freeport-McMoRan Inc. rose more than 2% premarket on Tuesday after the metals and mining company swung to a profit in the second quarter after a loss the year earlier. Net income for the second quarter came in at $268 million, or 18 cents per share, after a loss of $479 million, or 38 cents per share, during the year-earlier period. Adjusted earnings for the quarter was 17 cents, below FactSet's consensus of 20 cents. Revenue for the quarter hit $3.71 billion, up from $3.33 billion during the same quarter a year ago and above FactSet's consensus for $3.67 billion. "We are encouraged by recent progress in our active negotiations with the Indonesian government to resolve issues involving our contractual rights," said Freeport-McMoRan Chief Executive Richard Adkerson in a statement. Shares of Freeport-McMoRan have fallen nearly 2% in the year to date, while the S&P 500 index is up more than 10%.