Freeport-McMoRan Reports Q4 Earnings Short Of Wall Street Expectations

Freeport-McMoRan Inc. shares fell more than 3% in premarket trade Wednesday after the company reported fourth-quarter earnings that fell short of Wall Street expectations. Net income for the quarter was $292 million, or 21 cents per share, after a loss of $4.1 billion, or $3.47 per share, in the year-earlier period. Adjusted earnings per share for the quarter were 25 cents, which was below FactSet's 35 cents consensus. Revenue hit $4.37 billion, up from last year's $3.52 billion, but below the FactSet consensus of $4.44 billion. Shares of Freeport-McMoRan are up nearly 332% in the trailing 12-month period, outperforming the S&P 500 Index , which is up more than 21%.