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Posted on Thursday, July 21st, 2011 at 2:18 pm.

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Freeport-McMoRan Copper & Gold Inc.’s (FCX) second-quarter profit more than doubled as the company posted double-digit sales growth and gains from higher metal pricing.

The world’s second-largest copper producer has posted strong results in recent quarters on surging prices. Copper prices recently hit a three-month high as the construction industry shows signs of recovery. The miner has also benefited from record high prices of gold, its largest revenue source, as investors stockpile the precious metal to combat economic uncertainty.

Strong earnings prompted the company in April to declare a 50-cent per-share special dividend on top of its normal quarterly payments. That came in addition to last year’s $1-a-share special dividend and a two-for-one stock split. Shares have more than quintupled since December 2008.

Freeport posted a profit of $1.37 billion, or $1.43 a share, up from $664 million, or 70 cents a share, a year earlier. The most recent quarter’s results include a 6-cent per-share charge on early extinguishment of debt. The year-ago period included a 5 cent charge per-share on early extinguishment of debt.

Revenue rose 50% to $5.81 billion.

Analysts polled by Thomson Reuters most recently forecast earnings of $1.33 a share on revenue of $5.61 billion.

Copper production grew 4% while gold production rose 11%. Molybdenum output increased 29%.

Realized prices of gold were 22% higher, while copper prices were up 38%.

Shares were up 0.3% to $56.09 in premarket trading. Through Wednesday’s close, the stock has climbed 69% over the past 12 months.

Copyright © 2011 DowJones Newswires