Freeport McMoRan -1.7% as Q4 earnings fall short of expectations

|By:, SA News Editor

Freeport McMoRan (FCX) -1.7% premarket as Q4 earnings drop to $0.68/share from $0.78/share a year ago and below analyst estimates, as copper and gold prices dropped.

Revenue rose to $5.89B from $4.51B, boosted by the company's recent oil and gas acquisitions.

Q4 consolidated copper sales of 1.14B lbs. were higher than year-ago Q4 sales of 972M lbs., reflecting improved volumes throughout FCX's global mining operations.

Q4 consolidated gold sales of 512K oz. were more than double year-ago sales of 254K oz., reflecting higher ore grades and improved operating performance in Indonesia.

Q4 consolidated average unit net cash costs for FCX's copper mines of $1.16/lb. were significantly lower than unit net cash costs of $1.54/lb. in Q4 2012, primarily reflecting higher copper and gold sales volumes and ongoing cost control efforts.