Freeport-McMoRan misses 4Q profit forecasts

Markets Associated Press

Freeport-McMoRan Inc. (FCX) on Wednesday reported fourth-quarter net income of $200 million, after reporting a loss in the same period a year earlier.

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The Phoenix-based company said it had profit of 21 cents per share. Earnings, adjusted for non-recurring costs and restructuring costs, came to 25 cents per share.

The results missed Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 32 cents per share.

The mining company posted revenue of $4.38 billion in the period, surpassing Street forecasts. Three analysts surveyed by Zacks expected $4.08 billion.

Freeport-McMoRan shares have increased 29 percent since the beginning of the year, while the Standard & Poor's 500 index has risen roughly 2 percent.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCX at https://www.zacks.com/ap/FCX

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Keywords: Freeport-McMoRan, Earnings Report