PHOENIX (AP) _ Freeport-McMoRan Inc. (FCX) on Friday reported a first-quarter loss of $491 million, after reporting a profit in the same period a year earlier.
On a per-share basis, the Phoenix-based company said it had a loss of 34 cents. Losses, adjusted for non-recurring costs and to extinguish debt, were 16 cents per share.
The results exceeded Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 22 cents per share.
The mining company posted revenue of $2.8 billion in the period, falling short of Street forecasts. Three analysts surveyed by Zacks expected $2.97 billion.
Freeport-McMoRan shares have fallen 40% since the beginning of the year, while the Standard & Poor's 500 index has declined 13%.