Freeport McMoRan Sees Higher Profits; Beats Estimates (FCX)
Mining company, Freeport-McMoRan Copper & Gold Inc.(FCX) reported an increase in quarterly profits on Tuesday, beating analyst estimates..
The Phoenix, AZ based company reported fourth quarter net income of $743 million, or 78 cents per share, up 13% from $640 million, or 67 cents per share last year. Analysts expected to see EPS of 70 cents per share.
The company reported revenue of $4.513 billion for the quarter, up from $4.162 billion last year. Analysts expected to see revenue of $4.47 billion.
FCX reported on December 5 that they plan to purchase Plains Exploration $ Production Co. and McMoRan Exploration Co. for a total value of $20 billion. This transaction will finalize in the second quarter.
Freeport-McMoRan shares were up 63 cents, or 1.87% during premarket trading Tuesday. The stock has declined -22% in the past year.
The Bottom Line
Shares of Freeport McMoran (FCX) have a 3.72% dividend yield, based on last night’s closing stock price of $33.64. The stock has technical support in the $30-$31 price area. If the shares can firm up, we see overhead resistance around the $36-$38 price levels.
Freeport-McMoRan Copper & Gold Inc.(FCX) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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