Freeport-McMoRan Inc.'s FCX, -13.08% profit fell in the fourth quarter as revenue fell and interest expenses rose.
The company reported earnings of $140 million, down from $1.04 billion the comparable quarter a year ago. Earnings were nine cents a share, down from 71 cents a share. Analysts polled by Refinitiv were expecting earnings of 22 cents a share.
Adjusted earnings were 11 cents a share, down from 51 cents a share. Analysts polled by Refinitiv were expecting adjusted earnings of 18 cents a share.
Revenue fell 27% to $3.68 billion. Analysts polled by Refinitiv were expecting revenue of $3.78 billion.
Write to Allison Prang at allison.prang@wsj.com
Freeport-McMoRan Inc.'s FCX profit fell in the fourth quarter as revenue fell and interest expenses rose.
The company reported earnings of $140 million, down from $1.04 billion the comparable quarter a year ago. Earnings were nine cents a share, down from 71 cents a share. Analysts polled by Refinitiv were expecting earnings of 22 cents a share.
Adjusted earnings were 11 cents a share down from 51 cents a share. Analysts polled by Refinitiv were expecting adjusted earnings of 18 cents a share.
Revenue fell 27% to $3.68 billion. Analysts polled by Refinitiv were expecting revenue of $3.78 billion.
The company said it expects sales volumes of about 3.3 billion pounds of copper in 2019 along with 94 million pounds of molybdenum and 0.8 million ounces of gold. For the first quarter of 2019, the firm said it expects sales volumes of 800 million pounds of copper, 24 million pounds of molybdenum and 255,000 ounces of gold.
For 2019, based on cost and sales volume estimates and certain average prices, the company said it expects operating cash flows to be about $1.8 billion.
Freeport-McMoRan also expects to have about $2.4 billion in capital expenditures for 2019.
Write to Allison Prang at allison.prang@wsj.com