Freeport-McMoRan Q4 Profit Climbs 60%, but Shares Fall (FCX)

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Copper producer Freeport-McMoRan Copper & Gold Inc. ( FCX ) on Thursday posted much better-than-expected fourth quarter earnings, but its shares still slipped significantly in premarket trading.

The Phoenix-based company reported fourth quarter net income of $1.5 billion, or $3.25 per share, compared with $971 million, or $2.15 per share, in the year-ago period. Excluding a one-time charge, adjusted profit was $3.26 per share.

Revenue jumped more than 21% from last year to $5.6 billion.

On average, Wall Street analysts expected a much smaller profit of $3.03 per share, on lower revenue of $5.35 billion.

Despite the solid earnings beat, Freeport-McMoRan shares fell $3.07, or -2.7%, in premarket trading Thursday.

The Bottom Line
We have been recommending shares of Freeport McMoran ( FCX ) since Dec.13,2010, when the stock was trading at $112.87. The company has a 1.74% dividend yield, based on last night's closing stock price of $115.16.

Freeport-McMoRan Copper & Gold Inc. ( FCX ) is a "Recommended" dividend stock, holding a DARS™ Rating of 3.5 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 .

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Stocks
Referenced Stocks: FCX

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