Freeport Falls Despite Q1 Results Topping Estimates

(RTTNews) - Shares of Freeport-McMoRan Inc. (FCX) are falling more than 5% in the morning trade on Thursday even as the mining company's first-quarter results topped analysts estimates.

The company reported net income of $1.5 billion or $1.04 per share, compared with $0.7 billion or $0.48 per share in the same quarter a year ago.

Revenue for the quarter increased to $6.6 billion from $4.9 billion a year ago.

On average, 15 analysts polled by Thomson Reuters expected the company to report earnings of $0.94 per share on revenue of $6.41 billion for the quarter.

FCX, currently at $47.24, has been trading in the range of $30.02-$51.9 in the past 52 weeks.