Freeport-McMoRan Inc., otherwise known as FCX, recently announced a decrease in their earnings for the first quarter compared to last year. However, their earnings did surpass Wall Street's predictions.
The company's net profit totaled $473 million, equivalent to $0.32 per share, decline when compared to last year's first quarter earnings of $663 million or $0.46 per share.
After removing extraordinary items, Freeport-McMoRan Inc. posted adjusted earnings of $474 million or $0.32 per share for this period.
Predictions from market analysts, as compiled by Thomson Reuters, were set at an average earning of $0.27 per share with specialty items typically omitted from these estimates.
However, the company made a considerable stride in revenue for this particular quarter, reporting an increase of 17.3% to $6.32 billion from $5.39 billion the previous year.
To summarize, when comparing this year's first quarter with last year's, Freeport-McMoRan Inc.'s earnings under generally accepted accounting principles (GAAP) decreased with earnings of $473 million vs. $663 million. Earnings per share fell to $0.32 from $0.46. However, the company's recorded revenue increased to $6.32 billion from $5.39 billion.
