Freeport-McMoRan Inc. Q1 Profit Decreases, but beats estimates

(RTTNews) - Freeport-McMoRan Inc. (FCX) reported earnings for first quarter that decreased from the same period last year but beat the Street estimates.

The company's bottom line came in at $663 million, or $0.46 per share. This compares with $1.53 billion, or $1.04 per share, in last year's first quarter.

Excluding items, Freeport-McMoRan Inc. reported adjusted earnings of $757 million or $0.52 per share for the period.

Analysts on average had expected the company to earn $0.46 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 18.3% to $5.39 billion from $6.60 billion last year.

Freeport-McMoRan Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $663 Mln. vs. $1.53 Bln. last year. -EPS (Q1): $0.46 vs. $1.04 last year. -Analyst Estimates: $0.46 -Revenue (Q1): $5.39 Bln vs. $6.60 Bln last year.