PHOENIX (AP) — Freeport-McMoRan's fourth-quarter net income beat analyst estimates even as copper and gold prices fell.
Net income fell almost 5 percent to $707 million, or 68 cents per share, down from $743 million, or 78 cents per share, a year earlier. Not counting one-time charges it would have earned 84 cents per share, beating the 80 cents per share estimated by analysts surveyed by FactSet.
Revenue rose 30 percent to $5.89 billion, from $4.51 billion a year ago. Analysts had been expecting revenue of $6.17 billion.
Copper production rose more than 17 percent to 1.18 billion pounds, and gold production more than doubled to 537,000 ounces, offsetting the decline in prices for both metals, the company said on Wednesday. Average realized prices for copper were $3.31 per pound for copper, down from $3.60 a year ago, and $1,220 per ounce for gold, down from $1,681.
Production of molybdenum fell to 23 million pounds, a million pounds less than a year earlier. Prices dropped to $11 per pound, from $12.62 a year ago.
Shares of Freeport-McMoRan Copper & Gold Inc. fell 40 cents to $34.85 in late morning trading.