With increased earnings per share resulting from an extended share buy-back program, Phelps Dodge (PD-N) reported a profit for the second quarter of 1997.
The major earned US$134.8 million (or US$2.16 per share) on revenue of US$1 billion in the period, compared with US$126.3 million (US$1.90 per share) on US$957 million for the same quarter last year.
The company produced 399 million lb. copper during the 3-Month period.
For the first six months of the year, Phelps Dodge earned US$272 million (or US$4.28 per share), compared with US$279 million (US$4.16 per share) for the same period last year.
The company has continued its program to buy back shares of its own stock, which it started in 1995. During the second quarter, the board of directors authorized the purchase of another 6 million shares of Phelps Dodge, representing 10% of the outstanding shares issued. As of June 30, the company had 61.1 million shares outstanding.
During the quarter, Phelps Dodge announced its plan to reopen the Ajo copper mine in Arizona. Also, the company intends to invest US$175 million during 1997 in expansion of the Candelaria copper mine in northern Chile.
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