Net income dropped to $510 million, or 49 cents a share, from $648 million, or 68 cents a share, in the same period one year earlier. This beat the estimate of 42 cents a share from analysts polled by Bloomberg. Revenue also increased to $4.99 billion from $4.58 billion.
Freeport sold 16.1 million barrels of oil equivalent in the quarter, which beat the forecast of 15.3 million it set in January. This also helped offset decreased copper sales in Indonesia; the company reduced its operations at its Grasberg mine in Indonesia by approximately 50% after the nation imposed new restrictions on mineral exports.
The stock was up 2.15% to $34.22 at 11:36 a.m. on Thursday.
Separately, TheStreet Ratings team rates FREEPORT-MCMORAN COP&GOLD as a "hold" with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate FREEPORT-MCMORAN COP&GOLD (FCX) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, attractive valuation levels and good cash flow from operations. However, as a counter to these strengths, we also find weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity."