Why Freeport-McMoRan Stock Is Tumbling Today
Shares of Freeport-McMoRan (NYSE: FCX) slumped more than 10% by Thursday afternoon. Its sales guidance is weighing on the copper miner's stock price, overshadowing its strong fourth-quarter results.
Freeport-McMoRan sold 1 billion pounds of copper and 409,000 ounces of gold, up 24% and 59%, respectively, compared to the year-ago period. That enabled the company to generate strong adjusted income of $1.6 billion, or $1.07 per share. That beat the analysts' consensus estimate by $0.15 per share. The company also benefited from higher metals prices -- copper was up 18.2% while gold was 12.1% higher -- and low average unit costs of $1.33 per pound of copper during the quarter.
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Source Fool.com
