Phelps Dodge 4Q earnings surge |
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Mon, 29 Jan 2007 14:20
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PHOENIX (AFX) - Copper miner Phelps Dodge Corp. said fourth-quarter earnings surged due to sharply higher copper prices, even as production slipped.Net income grew to $1.32 billion, or $6.50 per share, from $121.3 million, or 60 cents per share, in the prior-year period.The recent quarter included a special gain of $364.1 million, or $1.79 per share, while the 2005 quarter included a one-time charge of $204.2 million, or $1.01 per share.Revenue surged 43 percent to $3.24 billion from $2.26 billion a year ago. Costs rose a more modest 7 percent to $1.88 billion.Analysts polled by Thomson Financial forecast earnings of $4.28 per share, excluding one-time items, on $3.49 billion in sales.Copper production fell slightly to 320,000 tons from 321,800 tons in year-earlier quarter. Molybdenum production grew to 16.8 million pounds from 14.5 million pounds.Copper prices averaged $3.206 per pound on the London Metal Exchange, up sharply from $1.951 in the year-ago quarter and down slightly from the $3.479 averaged in the third quarter.For the full year, earnings increased to $3.02 billion, or $14.83 per share, from $1.55 billion, or $7.69 per share. Revenue rose to $11.91 billion from $8.29 billion.Phelps Dodge agreed in November to a $25.9 billion cash-and-stock takeover by rival Freeport McMoran Copper & Gold Inc. The deal, expected to close in March, would create the world's largest publicly traded copper company.Copyright 2006 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Phelps Dodge Q4 net earnings surge to 6.50 usd per share vs 0.60 usd 