Question-and-Answer Session
Operator
Thank you. (Operator Instructions). We'll take our first question from Michelle Applebaum with Michelle Applebaum Research.
Michelle Applebaum - Michelle Applebaum Research
Hi Good morning
Keith Busse
Morning
Michelle Applebaum - Michelle Applebaum Research
Nice to hear some good news for a change.
Keith Busse
Have some.
Michelle Applebaum - Michelle Applebaum Research
Yeah. Can you please -- two questions; the first question is accounting question, you had $0.06 gain on your hedging contract in the first quarter and I think you expected another one later this year, was there a similar $0.06 gain for the second quarter?
Theresa Wagler
Michelle the unrealized hedging gains specifically related to copper during the second quarter were about $12 million free cash.
Michelle Applebaum - Michelle Applebaum Research
Okay, and was there anything else unusual in the quarter that may not have made the press release?
Theresa Wagler
No, I guess wouldn't call that unusual later
Michelle Applebaum - Michelle Applebaum Research
You wouldn't?
Theresa Wagler
No
Michelle Applebaum - Michelle Applebaum Research
Will you have that again in the third and fourth quarters as well?
Theresa Wagler
Well again last year we had a 35 to $36 million I believe loss related to hedging. And so that will be recovered throughout the year so if we have...
Michelle Applebaum - Michelle Applebaum Research
Right
Theresa Wagler
18 billion in the first quarter
Michelle Applebaum - Michelle Applebaum Research
Right
Theresa Wagler
Now we have 12 that
Michelle Applebaum - Michelle Applebaum Research
Right
Theresa Wagler
1 million and you would expect to get that 4 or 5 million back some time throughout the second quarter.
Michelle Applebaum - Michelle Applebaum Research
Right, but when you did it -- when you had the charge in the fourth quarter it was in the first paragraph of the press release, but it wasn't in the press release in the first quarter and its not in the press release in the second quarter and so I am just trying to determine if this is an ongoing thing or is it unusual?
Keith Busse
It is Michelle. Its unwinding and...
Michelle Applebaum - Michelle Applebaum Research
Right, right.
Keith Busse
Its varying at ends, whether its ends into the third quarter or the fourth it will end this year.
Michelle Applebaum - Michelle Applebaum Research
Okay but it's a few pennies less, and then if we..
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