Phoenix-based copper mining giant Freeport-McMoRan Inc. had a mixed fourth quarter in 2024, with revenue coming up short of Wall Street analysts’ expectations but earnings beating them.
The company on Jan. 23 reported revenue of $5.72 billion and adjusted net income attributable to common stock of $450 million, or 31 cents per share. The revenue result was 3.41% down from the Zacks consensus estimate of $5.92 billion, but the earnings beat Zacks’ predictions of 24 cents by 29.17%.
Revenue was down 3.1% from the previous year’s Q4, while earnings per share were 4 cents higher than a year earlier.
Wall Street’s reaction to Freeport’s earnings was less than rosy, however, with the company’s share price making a sharp drop in early trading on Jan. 23 before regaining ground to close at $38.50, down 1.5%.
