Freeport-McMoRan Copper & Gold Inc.'s (FCX) fourth-quarter
profit jumped 60% as the miner benefited from higher selling prices
for its metals.
The world's second-largest copper producer, after Chile's
state-owned Corporacion Nacional del Cobre de Chile, has seen
performance boosted by higher prices of late. The miner draws the
largest share of revenue selling gold, and spot prices of the
yellow metal have risen to record highs of late as investors seek
investments amid economic uncertainty.
In the most recent quarter, selling prices for copper were 31%
higher, while gold prices were up 25%. Copper production increased
3%, while gold production jumped 13%.
Freeport-McMoRan reported a profit of $1.55 billion, or $3.25 a
share, up from $971 million, or $2.15 a share, a year earlier.
Revenue climbed 22% to $5.6 billion.
Analysts polled by Thomson Reuters expected earnings of $3.03 a
share on $5.47 billion in revenue.
Last month, Freeport-McMoRan announced plans to pay a $1-a-share
special dividend and enact a two-for-one stock split, effective
Feb. 1, as shares had quintupled the past two years.
Shares were down 1.3% at $113.64 in recent premarket trading. As
of Wednesday's close, the stock had risen 38% in the past year.
-By Nathan Becker and Jenny Roth, Dow Jones Newswires;
212-416-2855; nathan.becker@dowjones.com