PHOENIX (AP) — PHOENIX (AP) — Freeport-McMoRan Inc. (FCX) on Thursday reported fourth-quarter profit of $406 million.
The Phoenix-based company said it had net income of 28 cents per share. Earnings, adjusted for non-recurring costs, were 47 cents per share.
The results exceeded Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 28 cents per share.
The mining company posted revenue of $5.63 billion in the period, also topping Street forecasts. Six analysts surveyed by Zacks expected $5.18 billion.
For the year, the company reported profit of $2.2 billion, or $1.52 per share. Revenue was reported as $25.92 billion.
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