Freeport-McMoRan: 4Q Earnings Snapshot
PHOENIX (AP) _ Freeport-McMoRan Inc. (FCX) on Thursday reported fourth-quarter profit of $140 million.
On a per-share basis, the Phoenix-based company said it had profit of 9 cents. Earnings, adjusted for one-time gains and costs, were 11 cents per share.
The results fell short of Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 21 cents per share.
The mining company posted revenue of $3.68 billion in the period, which also missed Street forecasts. Three analysts surveyed by Zacks expected $3.85 billion.
For the year, the company reported profit of $2.26 billion, or $1.55 per share. Revenue was reported as $18.63 billion.
Freeport-McMoRan shares have risen 19 percent since the beginning of the year, while the Standard & Poor’s 500 index has increased slightly more than 5 percent.