Freeport-McMoRan ups dividend despite quarterly profit dip

NEW YORK (MarketWatch) -- Freeport-McMoRan Copper & Gold Inc. said Tuesday its second-quarter profit slipped to $947 million, or $2.25 per share, from $1.1 billion, or $2.62 per share, in the same quarter a year before. The result compared with analyst expectations of $2.41 a share, according to a FactSet Research survey. Revenue for the period totaled $5.441 billion, down marginally from $5.443 billion in the year-ago quarter. The Phoenix-based miner also said it was increasing its quarterly dividend to $2.00 per share, from $1.75 per share, and planned to boost its stock repurchase program to 30 million shares from 20 million shares. The company has approximately 384 million shares of common stock outstanding or 446 million including convertible securities.Market Pulse Stories are Rapid-fire, short news bursts on stocks and... [read full story]