Freeport-McMoRan Inc. (FCX – Analyst Report), formerly Freeport-McMoRan Copper & Gold Inc., is a mining giant that is primarily engaged in mineral exploration and development, mining and milling of copper, gold, molybdenum and silver, as well as the smelting and refining of copper concentrates.

Freeport's copper business remains affected by the sluggish global economy, slowdown in China (a major market) and supply related issues. The uncertain copper pricing environment represents another concern. However, Freeport is aggressive managing its costs and continues to progress with its expansion initiatives.

Estimate Trend & Surprise History

Investors should note that the earnings estimate for Freeport for the second quarter has been going up. Freeport has beaten estimates in the last two of the four quarters while missing in the other two.

Earnings

Freeport reported adjusted earnings of 14 cents per share, which beat the Zacks Consensus Estimate of 11 cents.

Revenues

Freeport posted revenues of $4,248 million, missing the Zacks Consensus Estimate of $4,523 million.

Key Stats/Developments to Note

For the third quarter of 2015, the company expects 1 billion pounds of copper, 315,000 ounces of gold, 24 million pounds of molybdenum and 13.6 million barrels of oil equivalent (MMBOE).

Zacks Rank

Currently, Freeport has a Zacks Rank #3 (Hold), but that could change following its earnings report which was just released.

Market Reaction

Freeport's shares were up around 0.9% following the release.