PHOENIX (AP) -- Freeport-McMoRan Inc. (FCX) on Tuesday reported first-quarter net income of $228 million, after reporting a loss in the same period a year earlier.
On a per-share basis, the Phoenix-based company said it had net income of 16 cents. Earnings, adjusted to account for discontinued operations, came to 15 cents per share.
The results did not meet Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for earnings of 17 cents per share.
The mining company posted revenue of $3.34 billion in the period, which also did not meet Street forecasts. Four analysts surveyed by Zacks expected $3.51 billion.
Freeport-McMoRan shares have decreased slightly more than 7 percent since the beginning of the year, while the Standard & Poor's 500 index has climbed 6 percent.
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