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Investing.com -- Freeport-McMoRan posted first-quarter earnings that beat Wall Street estimates on Thursday, boosted by copper sales volumes that exceeded prior guidance and favorable pricing, sending its shares up more than 1% in premarket trading.
The miner reported net income attributable to common stock of $352 million, or 24 cents per share, for the quarter ended March 31, matching adjusted earnings. Analysts had expected earnings of 23 cents per share.
Revenue rose to $5.73 billion, topping the consensus estimate of $5.67 billion.
Copper sales totaled 872 million pounds for the quarter, above the company’s January forecast, while gold sales volumes were lower due to shipment timing.
Freeport maintained its full-year sales guidance of 4.0 billion pounds of copper and 1.6 million ounces of gold.