Shares of Freeport-McMoRan Inc.
pulled back 3.2% in premarket trading Thursday, after the gold and copper miner reported first-quarter profit and revenue that beat expectations, while trimming its outlook for quarterly copper sales. Net income more than doubled to $1.53 billion, or $1.04 a share, from $718 million, or 48 cents a share, in the year-ago period. Excluding nonrecurring items, adjusted earnings per share of $1.07 beat the FactSet consensus of 94 cents. Revenue grew 36.1% to $6.60 billion, above the FactSet consensus of $6.44 billion, as copper sales rose 24.1% to 1.02 billion recoverable pounds and as gold sales increased 58.5% to 409,000 recoverable ounces. Average realized price per pound of copper rose 18.2% to $4.66 and the realized price per ounce of gold increased 12.1% to $1,920. The company cut its copper sales outlook for the second quarter to 1.040 billion pounds from 1.075 billion pounds, for the third quarter to 1.095 billion pounds from 1.125 billion pounds and for the fourth quarter to 1.095 billion pounds from 1.130 billion pounds. The stock has soared 21.7% over the past three months through Wednesday, while the S&P 500
has gained 1.4%.