Freeport McMoRan Misses Guidance, Shares Surge Anyway

Freeport McMoRan Misses Guidance, Shares Surge Anyway

Shares of copper and gold miner Freeport McMoRan (NYSE: FCX) are up 13% as of 11 a.m. EDT today after the company reported second-quarter results. 

Image source: Getty Images.

Here's the bizarre thing about this share-price increase today: The company didn't beat guidance. Adjusted earnings per share for the second quarter came in at $0.17, whereas consensus estimates compiled by S&P Global Market Intelligence had Freeport's earnings coming in at $0.20 per share. The company beat revenue expectations, though, pulling in $3.71 billion in revenue for the quarter. 

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Source: Fool.com