PHOENIX (dpa-AFX) - Freeport-McMoRan Inc. (FCX) reported a net loss attributable to common stock of $2.5 billion or $2.38 per share, for first-quarter 2015, compared with net income attributable to common stock of $510 million or $0.49 per share, for first-quarter 2014.
FCX's net loss attributable to common stock for first-quarter 2015 included net charges totaling $2.4 billion, $2.32 per share, primarily for the reduction of the carrying value of oil and gas properties and the related tax charge to establish a deferred tax valuation allowance. The first quarters of 2015 and 2014 were also impacted by net noncash mark-to-market (losses) gains on oil and gas derivative contracts and other items.
First-quarter 2015 consolidated copper sales of 960 million pounds were slightly higher than the January 2015 estimate of 950 million pounds reflecting timing of shipments, and were higher than first-quarter 2014 sales of 871 million pounds reflecting higher volumes in North America, Indonesia and Africa, partly offset by lower volumes in South America primarily associated with the sale of the Candelaria and Ojos del Salado mines.
First-quarter 2015 consolidated gold sales of 263 thousand ounces were higher than the January 2015 estimate of 225 thousand ounces and first-quarter 2014 sales of 187 thousand ounces reflecting higher operating rates at PT-FI, partly offset by the impact of the sale of the Candelaria and Ojos del Salado mines.
First-quarter 2015 consolidated molybdenum sales of 23 million pounds approximated the January 2015 estimate of 23 million pounds, but were lower than first-quarter 2014 sales of 27 million pounds.
Revenues declined to $4.153 billion from $4.985 billion in the prior year.
Analysts polled by Thomson Reuters expected the company to report a loss of $0.07 per share and revenues of $4.06 billion. Analysts' estimates typically exclude special items.
Consolidated sales for the year 2015 are expected to approximate 4.2 billion pounds of copper, 1.3 million ounces of gold, 95 million pounds of molybdenum and 52.3 MMBOE, including 960 million pounds of copper, 300 thousand ounces of gold, 25 million pounds of molybdenum and 12.9 MMBOE for second-quarter 2015.
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