Business Services Industry

Phelps Dodge Corp.'s Stock Rises on News of Increased Earnings Per Share.(Originated from The Arizona Republic)

Knight Ridder/Tribune Business News, July, 1997 by Larson, Jane

Jul. 14--Record-matching copper production, along with near-record income from its manufacturing side and an aggressive stock buyback program, boosted Phelps Dodge Corp.'s earnings per share 13.7 percent in the second quarter.

The Phoenix-based mining and manufacturing concern said Friday net income for the quarter was $134.8 million, or $2.16 a share, up from $126.3 million, or $1.90 a share, in the corresponding same quarter a year ago.

Revenue rose to $1.07 billion in the quarter, up 11.2 percent from $957.7 million a year earlier.

The gains came even as average copper prices dropped, to $1.14 a pound from $1.16 in the year-earlier period.

Per-share results exceeded the average estimate of $2.10 a share from 11...

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