Freeport McMoRan's ( FCX) earnings more than doubled in the second quarter, thanks to soaring gold and copper prices. The New Orleans-based company made $382 million, or $1.74 a share, up from $190 million, or 91 cents a share, in the year-earlier period. The latest quarter included a gain of 4 cents a share from the sale of land owned by one of the company's subsidiaries. Analysts surveyed by Thomson First Call had forecast earnings of $1.45 a share in the most recent quarter. Revenue rose 58.4% to $1.43 billion from the same period, a year ago. Analysts surveyed by Thomson First Call were expecting a revenue of $1.3 billion. The company's shares were trading at $52.75, up $1.18, or 2.3%. "The combination of our world-class Grasberg operations and positive copper and gold markets continues to provide strong financial results," the company said. "Favorable market conditions for our commodities are enabling us to return significant cash to our shareholders while we are taking actions to strengthen our balance sheet. The outlook for our business is positive."