Freeport-McMoRan: 4Q Earnings Snapshot

PHOENIX (AP) _ Freeport-McMoRan Inc. (FCX) on Thursday reported fourth-quarter net income of $9 million.

On a per-share basis, the Phoenix-based company said it had profit of less than 1 cent. Earnings, adjusted for one-time gains and costs, were 2 cents per share.

The results surpassed Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 1 cent per share.

The mining company posted revenue of $3.91 billion in the period, also surpassing Street forecasts. Three analysts surveyed by Zacks expected $3.79 billion.

For the year, the company reported a loss of $239 million, or 17 cents per share, swinging to a loss in the period. Revenue was reported as $14.4 billion.

Freeport-McMoRan shares have decreased 6% since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 3%.


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