Freeport-McMoRan Inc. Q1 Profit Increases, beats estimates

(RTTNews) - Freeport-McMoRan Inc. (FCX) released a profit for its first quarter that increased from last year and beat the Street estimates.

The company's earnings totaled $1.53 billion, or $1.04 per share. This compares with $0.72 billion, or $0.48 per share, in last year's first quarter.

Excluding items, Freeport-McMoRan Inc. reported adjusted earnings of $1.57 billion or $1.07 per share for the period.

Analysts on average had expected the company to earn $0.94 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 36.1% to $6.60 billion from $4.85 billion last year.

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

-Earnings (Q1): $1.53 Bln. vs. $0.72 Bln. last year. -EPS (Q1): $1.04 vs. $0.48 last year. -Analyst Estimate: $0.94 -Revenue (Q1): $6.60 Bln vs. $4.85 Bln last year.