Freeport-McMoRan C&G 4Q profit falls |
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Tue, 16 Jan 2007 15:18
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NEW ORLEANS (AFX) - Precious metals miner Freeport-McMoRan Copper & Gold Inc. on Tuesday said its fourth-quarter profit fell 8 percent, as production at its core Indonesian operations decreased.Quarterly earnings applicable to common shareholders declined to $426.4 million, or $1.99 per share, from $463.2 million, or $2.19 per share, during the fourth quarter of 2005.The results included a loss $73.9 million, or 33 cents per share, related to debt reduction, as well as a gain of $29.7 million, or 13 cents per share, related to land disposition and royalty rights at the company's Spanish smelting unit. Excluding the special items, the company earned $2.19 per share in the period.Analysts polled by Thomson Financial forecast a profit of $2.12 per share. Thomson estimated usually exclude special items.Revenue grew 10 percent to $1.64 billion from $1.49 billion during the same period a year ago. Analysts expected revenue of $1.72 billion.The company said copper production at its core Indonesian operations in the period fell 8 percent to 435.2 million pounds, while gold production fell by more than half to 514 million ounces.For the year, Freeport-McMoRan Copper & Gold earnings applicable to common shareholders rose 49 percent to $1.4 billion, or $6.63 per share, from $934.6 million, or $4.67 per share, in 2005. Full-year revenue grew 39 percent to $5.79 billion from $4.18 billion.Analysts forecast a full-year profit of $6.91 per share on revenue of $5.88 billion.Looking ahead, the company said its Indonesian unit would likely sell about 1.1 billion pounds of copper and 1.8 million ounces of gold in 2007. It expects annual sales over the five-year period from 2007 to 2011 to average about 1.2 billion pounds of copper and 1.8 million ounces of gold.Shares of Freeport-McMoRan Copper & Gold fell 47 cents to $54.54 in pre-market trading, having closed Friday at $55.01 on the New York Stock Exchange.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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