Freeport-McMoRan Copper & Gold, Inc. (FCX) reported Thursday that first-quarter net income was $510 million $0.49 per share, down from $648 million $0.68 per share in the prior-year quarter.
On average, 12 analysts polled by Thomson Reuters expected the company to report earnings of $0.43 per share for the quarter. Analysts' estimates typically exclude special items.
Revenues for the quarter grew to $4.99 billion from $4.58 billion in the same quarter last year. Thirteen Wall Street analysts had a consensus revenue estimate of $5.01 billion for the quarter.
Consolidated sales for the quarter totaled 871 million pounds of copper, 187 thousand ounces of gold, 27 million pounds of molybdenum and 16.1 million barrels of oil equivalents or MMBOE.
Looking ahead to the second quarter , the company expects consolidated sales of 1.1 billion pounds of copper, 320 thousand ounces of gold, 24 million pounds of molybdenum and 15.2 MMBOE.
For fiscal 2014, the company expects consolidated sales of about 4.3 billion pounds of copper, 1.6 million ounces of gold, 97 million pounds of molybdenum and 64.2 MMBOE.
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