Earnings roundup: Freeport-McMoRan, Regions

Among the earnings stories for Tuesday, July 22, from AP Financial News:

DENVER (AP) _ Global mining company Freeport-McMoRan on Tuesday reported a 14 percent drop in second-quarter profit on lower copper and gold sales and one-time costs.

BIRMINGHAM, Ala. (AP) _ Regions Financial Corp. said Tuesday its second-quarter profit dropped 55 percent, below Wall Street expectations, as it set aside more than $300 million to cover bad loans.

NAPERVILLE, Ill. (AP) _ Tellabs Inc., a maker of telecommunications equipment, said Tuesday its profit rose 32 percent in the second quarter largely because a one-time benefit from a favorable IRS audit helped offset declines in U.S. revenue.

CHICAGO (AP) _ Construction supplier USG Corp. said Tuesday it swung to a second-quarter loss, as the weak housing market and rising raw material and energy costs hurt its core wallboard business.

HOUSTON (AP) _ Oilfield services provider Baker Hughes Inc. said Tuesday its second-quarter profit rose about 9 percent as revenue surged.