Investors Punish Freeport-McMoRan For Delivery Poor Results

Freeport-McMoRan Inc FCX announced lower than expected results for the second quarter.

The company said the net loss attributable was $479 million or $0.38 loss per share, for second-quarter. Excluding adjustments, its adjusted net loss attributable would have been $27 million or $0.02 loss per share. Street expected the company to suffer a loss of $0.01 a share.

Freeport-McMoRan's top line witnessed 15.5 percent year-over-year drop to $3.33 billion from $3.94 billion in the previous year quarter. This was sharply below than the Street analysts' predictions of $3.7 billion.

President and CEO, Richard Adkerson, said, "Our announced asset sale transactions totaling over $4 billion year-to-date demonstrate the attractiveness of our high-quality asset base. We are focused on executing our operating plans, which position us for significant free cash flow generation in the balance of 2016 and 2017, and on building long-term values from our portfolio of low-cost, long-lived reserves and resources for the benefit of our shareholders."

The stock fell 6 percent on Tuesday.