PHOENIX (AP) _ Freeport-McMoRan Inc. (FCX) on Tuesday reported fourth-quarter profit of $708 million.
The Phoenix-based company said it had net income of 48 cents per share. Earnings, adjusted for non-recurring gains, were 38 cents per share.
The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 39 cents per share.
The mining company posted revenue of $4.5 billion in the period, exceeding Street forecasts. Three analysts surveyed by Zacks expected $4.28 billion.
For the year, the company reported net income of $599 million, or 41 cents per share, swinging to a profit in the period. Revenue was reported as $14.2 billion.
Freeport-McMoRan shares have increased 11% since the beginning of the year, while the Standard & Poor's 500 index has climbed almost 3%.