Freeport McMoRan Sees Higher Profits; Beats Estimates (FCX)

Freeport McMoRan Sees Higher Profits; Beats Estimates (FCX)

RSS

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.

Be sure to visit our complete recommended list of the Best Dividend Stocks, as well as a detailed explanation of our ratings system here.

Free Updates

Join over 100,000 investors who get the latest news from Dividend.com.

Best Dividend Stocks

Looking for stocks that are poised for growth and pay solid dividends? Visit our list of the:

Best Dividend Stocks

Partner Center

Best CD Rates

Sitting on some extra cash and looking for the most current and profitable CD Rates?

Get The Best CD Rates

14 Day Free Trial

Earn more from your dividend portfolio within the next 14 days.

Sign Up Today