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Strategies & Market Trends : Commodities - The Coming Bull Market -- Ignore unavailable to you. Want to Upgrade?

To: craig crawford who wrote (338)	6/26/2001 11:13:57 AM
From: craig crawford	Read Replies (1) \| Respond to of 1643

Tuesday June 26, 11:01 am Eastern Time Phelps Q2 loss to widen on lower prices biz.yahoo.com (UPDATE: updates company outlook, adds comments and stock price) PHOENIX, June 26 (Reuters) - Phelps Dodge Corp.(NYSE:PD - news), the world's second-largest copper producer, said Tuesday its second-quarter loss would widen sharply due to lower copper prices and changes in its tax provisions, but it was bullish on prices in 2002 and 2003. The Phoenix-based copper producer said it sees a second-quarter loss of between $1.28 and $1.38 a share before one-time items. Including items, the company said, it would lose between $1.38 and $1.48 a share. Wall Street expected the company to lose between 10 cents and 65 cents a share in the quarter, with a consensus estimate of 27 cents, according to tracking firm Thomson Financial/First Call. The company said it expected copper prices on the New York Commodity Exchange to average 75 cents to 80 cents per pound in 2001, down from its previous full-year estimate of 80 cents to 85 cents per pound. Phelps Dodge said it expected an average COMEX copper price of 75 cents per pound in the second quarter. The change in its copper price outlook decreased the company's estimated full-year income tax provision to about $35 million, Phelps said. It said it would record about a $50 million provision for taxes in the second quarter. ``At today's lower copper prices, our income tax expense is driven largely by taxes on earnings from international operations, which cannot be offset by losses from our domestic operations,'' said Phelps Chief Executive Officer J. Steven Whisler. Shares in the company fell 80 cents, or 2 percent, to $38.21 in morning trading on the New York Stock Exchange, close to their 52-week low of $36.0625 and off their 52-week high of $57.