PHOENIX (AP) — Freeport-McMoRan's said Thursday that its first-quarter net income fell 21 percent, but the copper and gold mining company's results still beat Wall Street expectations, sending its shares higher.
Net income fell to $510 million, or 49 cents per share, in the three months ending March 31, compared with $648 million, or 68 cents per share, a year ago. Revenue rose 8.8 percent to $4.99 billion from $4.58 billion.
Analysts expected earnings of 41 cents per share and revenue of $4.92 billion, according to FactSet.
During the quarter, copper production fell 3.3 percent from a year ago to 948 million pounds. Gold production fell 1.7 percent to 231 million pounds. Molybdenum production fell 8.3 percent to 24 million pounds.
Prices for all three fell. Average realized prices for copper were $3.14 per pound, down from $3.51 a year ago; gold prices were $1,300 per ounce, down from $1,606; and molybdenum were $11.21 per pound, down from $12.75 per pound.
Shares of Phoenix-based Freeport-McMoRan Copper & Gold Inc. rose 71 cents, or 2.1 percent, to $34.20 in midday trading. Its shares have risen nearly 15 percent from a year ago.