GO
Loading...

Enter multiple symbols separated by commas

Freeport-McMoRan Fourth-Quarter Profit Slips

Richard Adkerson, CEO, Freeport McMoRan
Richard Adkerson, CEO, Freeport McMoRan

Freeport-McMoRan Copper & Gold, which is buying mining rival Phelps Dodge for $25.9 billion, Tuesday reported fourth-quarter profit fell as a result of lower copper and gold output.

Net earnings were $426 million, or $1.99 per share, compared with $463 million, or $2.19 per share, a year earlier, the New Orleans-based company said. Revenues for the quarter rose to $1.64 billion from $1.49 billion in the same period a year ago.

Freeport , which has benefited from higher gold and copper prices and better-than-expected output from its vast Grasberg mine in Indonesia, said in October it expected fourth-quarter production to be strong, along with the first quarter of 2007.

Contact U.S. News

  • CNBC NEWSLETTERS

    Get the best of CNBC in your inbox

    Please choose a subscription

    Please enter a valid email address
    To learn more about how we use your information,
    please read our Privacy Policy.

Don't Miss

  • A vintage car with a Cuban flag paint job is parked near the National Capitol Building in Havana on Jan. 7, 2015.

    Companies wanting to do business in Cuba should heed this warning from a former federal prosecutor and SEC attorney.

  • Christina Grimmie

    Singer/songwriter Christina Grimmie, a season six contestant on "The Voice," is reading Manga thrillers and tales about faith this summer.

  • Donald Trump

    From one real estate mogul about another: Don't underestimate Republican presidential candidate Donald Trump.

U.S. Video

  • I get paid to design rides for Six Flags

    Les Hudson has ridden over 200 roller coasters. The best part - he gets paid for it.

  • Spanish galleon treasures

    Treasures from a 1621 shipwreck near the Florida Keys will be auctioned off. Arlan Ettinger, Guernsey's, reveals some of the items.

  • Bull market in jeopardy: Pro

    Scott Clemons, Brown Brothers Harriman, and David Spika, Guidestone Funds, global investment strategist, weigh in on the latest market action and which areas in the sector they believe show opportunity.