12h ago
Freeport-McMoRan tops Q2 profit estimates as copper prices rise 41.5%
Freeport-McMoRan reported Q2 net income of $984 million and adjusted earnings of 74 cents per share, beating analysts’ estimate of 59 cents per share. The results were supported by a 41.5% year-on-year jump in the average copper price, even as copper output fell 18.2%. The company spent $363 million during the quarter to repair its Indonesia-based Grasberg mine after a September mudflow halted operations for nearly a month. In the U.S., refined copper tariff policy has yet to be finalized, and inventories are being moved into U.S. warehouses ahead of a decision.
12h ago
13h ago
QuantumScape shares fall 4.77% premarket after PowerCo cuts milestone payment cap to about $75 million
QuantumScape reported a second-quarter adjusted loss of 16 cents per share, narrower than analysts’ estimate of an 18-cent loss, according to Benzinga Pro. Its adjusted EBITDA loss widened to $64.2 million, while customer billings came in at $10.8 million. The company said the maximum potential milestone payments under its revised agreement with Volkswagen’s PowerCo were reduced by 57% to about $75 million, and it ended the quarter with $859 million in liquidity.
13h ago
15h ago
Pakistan’s wheat shortfall widens as Punjab buys 16% of its procurement target
Pakistan’s wheat crisis is worsening after Punjab met only 16% of its annual procurement goal, leaving national reserves strained and an estimated shortfall of about 3.5 million tonnes. The country spent more than USD 1 billion to import nearly 3.5 million tonnes of wheat last year, but officials are still weighing emergency additional imports. Federal and provincial authorities are coordinating releases from federal stocks and assessing new import options.
15h ago