Freeport-McMoRan Q1 Profit Down, But Beats Street

(RTTNews) - Mining company Freeport-McMoRan Inc. (FCX) Friday reported lower profit in the first quarter, impacted primarily by decline in production as well as pricing. However, the company's earnings and revenue beat analysts' view.

Profit for the first quarter decreased to $663 million, $0.46 per share from $1.527 billion or $1.04 per share in the same quarter a year ago.

Excluding one-time items, earnings were $757 million, $0.52 per share, that beat the average estimate of analysts polled by Thomson-Reuters of $0.46 per share. Analysts' estimates typically exclude special items.

Quarterly revenue declined to $5.389 billion from $6.603 billion last year. The consensus estimate was for $5.25 billion.

Looking forward, Richard C. Adkerson, Chairman and Chief Executive Officer commented, " We are strongly positioned with a favorable long-term market outlook, strong balance sheet and financial strength, a high-quality asset base and an experienced and motivated team to deliver long-term value to all stakeholders."