Freeport-McMoRan Shares Surge as Q1 Profit Blows Away Expectations; Declares Special Dividend (FCX)

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Freeport-McMoRan Copper & Gold Inc. ( FCX ) on Wednesday said its first quarter profit jumped 67% from last year, easily besting analyst's view and sending its shares soaring in premarket trading.

The Phoenix-based company reported first quarter net income of $1.5 billion, or $1.57 per share, compared with $897 million, or $1 per share, in the year-ago period.

Revenue rose 31% from last year to $5.71 billion.

On average, Wall Street analysts expected a much smaller profit of $1.26 per share, on lower revenue of $5.3 billion.

FCX also announced it would pay a special dividend of 50 cents per share on June 1 to shareholders of record as of May 15. Its regular quarterly dividend remains at 25 cents per share.

Freeport-McMoRan shares rose $2.78, or +5.4%, in premarket trading Wednesday.

The Bottom Line
Shares of Freeport McMoran ( FCX ) have a 1.93% dividend yield, based on last night's closing stock price of $51.72. The stock has technical support in the $48-$50 price area. If the shares can firm up, we see overhead resistance around the $54-$57 price levels.

Freeport-McMoRan Copper & Gold Inc. ( FCX ) is not recommended at this time, holding a DARS™ Rating of 3.4 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 The NASDAQ OMX Group, Inc.

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This article appears in: Investing , Stocks

Referenced Stocks: FCX

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