PHOENIX (dpa-AFX) - Freeport-McMoRan Inc. (FCX) announced that it reduced quarterly dividend due to impact of lower commodity prices.
The company has declared a cash dividend of $0.05 per share payable on May 1, 2015 to holders of record as of April 15, 2015 for its common stock. It reduced the quarterly dividend from the previous rate of $0.3125 per share.
FCX said its board reviews its financial policy on an ongoing basis and has a long-standing practice of distributing cash to shareholders. The Board anticipates increasing cash returns to shareholders as market and business conditions warrant.
In January, Freeport-McMoRan had reported that its net loss attributable to common stock for fourth-quarter 2014 was $2.9 billion or $2.75 per share, compared to net income of $707 million or $0.68 per share, for fourth-quarter 2013.
FCX closed Monday's trading at $19.33. In Tuesday's pre-market trading, the company's shares are down $0.53 or 2.74% to $18.80.
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