This Day On The Street
Continue to site
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Freeport McMoRan Surges Past Estimates

Content on this page requires a newer version of Adobe Flash Player.

Get Adobe Flash player

NEW YORK ( TheStreet) -- Freeport McMoRan (FCX - Get Report) shares leapt more than 5% before the open Wednesday after the company reported a bumper first quarter.

Surging copper and gold prices amid a general commodities boom early in the year lifted the mining giant's results. The company easily beat Wall Street's forecast and decided to pay out some of its torrid cash flow to investors, declaring a special dividend of 50 cents a share.

The stock was changing hands recently at $54.56, up 5.5% from the close in Tuesday's regular session. Freeport shares, along with metals names across the board, have slipped from their 52-week highs, reached earlier this year, as investors worry about a top in commodities markets. Copper especially had soared to new heights amid the boom.

For the first quarter, Freeport reported a per-share profit of $1.5 billion, or $1.57 a share, compared with analysts' estimates of $1.26. Revenue reached $5.7 billion; analysts were looking for $5.3 billion.

In the 2010 first quarter, Freeport earned $897 million, or a buck a share.

The figures represent growth of 67% on the bottom line and 31% on the top.

Freeport said its average selling price for both copper and gold in the first quarter reached ($4.21 a pound and $1,399 an ounce) were 26% higher than a year ago.

The Phoenix-based miner, which owns the huge Grasberg copper-and-gold mine in Indonesia, also adjusted its production forecast for 2011 slightly higher. The company said it expects to sell 3.9 billion pounds of copper and 1.6 million ounces of gold, up from prior estimates of 3.85 billion pounds of copper and 1.4 million ounces of gold.
1 of 2

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Real Money

More than 30 investing pros with skin in the game give you actionable insight and investment ideas.

Product Features:
  • Access to Jim Cramer's daily blog
  • Intraday commentary and news
  • Real-time trading forums
Only $49.95
14-Days Free
14-Days Free
BHP $22.58 0.00%
FCX $5.68 0.00%
TCK $4.30 0.00%
AAPL $94.02 0.00%
FB $104.07 0.00%


Chart of I:DJI
DOW 16,204.97 -211.61 -1.29%
S&P 500 1,880.05 -35.40 -1.85%
NASDAQ 4,363.1440 -146.4150 -3.25%

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs