Wednesday, April 21, 2010

Freeport-McMoRan (NYSE:FCX) Beats Estimates

Freeport-McMoRan (NYSE:FCX) exceeded expectations for the quarter, as net income grew to $897 million, or $2 a share. Analysts had been looking for $1.91 a share.

In the same quarter last year Freeport generated $43 million, or 11 cents a share.

Overall revenue surged to $4.36 billion from $2.60 billion last year, a little less than the $4.49 billion analysts expected.

Most of this came about from the increase in copper prices over the quarter, which almost doubled from last year, growing from $1.72 to $3.42. Gold prices were up from $904 an ounce to $1,110 an ounce, while molybdenum increased from $11.52 a pound to $15.09 a pound, all adding to the performance of the company.

The board of Freeport also gave shareholders a nice surprise, doubling the dividend of the common stock from 60 cents a share to $1.20 a share on an annual basis.

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