Freeport-McMoRan Reports First-quarter Earnings, Revenue Misses

By Emma Court Markets MarketWatch Pulse

Freeport-McMoRan Inc. shares rose nearly 1% in premarket trade Tuesday after the company swung to a profit, though it missed earnings and revenue expectations. Earnings for the latest quarter were $306 million, or 16 cents per share, compared with a loss of $4.1 billion, or a loss of $3.35 per share in the year-earlier period. Adjusted earnings-per-share were 15 cents, compared with the FactSet consensus of 16 cents. Revenue rose to $3.3 million from $2.3 million, compared with the FactSet consensus of $3.5 million. Freeport-McMoRan shares have dropped 25.9% over the last three months, compared with a 3.3% rise in the S&P 500 .

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