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Freeport-McMoRan Inc (FCX) Stock Drops on Q4 EPS Miss

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Freeport-McMoRan Inc (NYSE: FCX ) stock was down on Wednesday following the release of its earnings report for the fourth quarter of 2016.

During the fourth quarter of 2016, Freeport-McMoRan Inc reported earnings per share of 25 cents. This is up from its losses per share of 2 cents from the fourth quarter of 2015. However, it failed to meet Wall Street's earnings per share estimate of 33 cents for the quarter.

Revenue reported by Freeport-McMoRan Inc in the fourth quarter of 2016 was $4.38 billion . FCX reported revenue of $3.52 billion during the same time last year. Analysts were expecting FCX to report revenue of $4.42 billion for the fourth quarter of the year.

Freeport-McMoRan Inc notes that during its fourth quarter of 2016, it completed its asset divestment program. It says that this generated $6.6 billion in aggregate proceeds. The program including selling its interest in TF Holdings Limited , as well as Deepwater Gulf of Mexico and California oil and gas properties.

Freeport-McMoRan Inc reported net income of $292 million for the fourth quarter of 2016. The natural resource company saw net losses of $4.08 billion during the same period from the year prior. Operating income for the quarter was $703 million. FCX reported an operating loss of $4.10 billion in the fourth quarter of 2015.

Freeport-McMoRan Inc also reported that it reduced its net debt by $8.4 billion during the full year of 2016. It also completed $1.5 billion in registered at-the-market sales of its common stock in November. These two actions are part of the company's efforts to balance sheet strength.

FCX stock was down 6% as of Noon Wednesday, but is up 23% year-to-date.

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


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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