PHOENIX (dpa-AFX) - Freeport-McMoRan Inc. (FCX) 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's net loss attributable to common stock included net charges of $3.1 billion ($3.00 per share) in fourth-quarter 2014, primarily comprised of amounts associated with a reduction in the carrying values of oil and gas properties pursuant to full cost accounting rules and goodwill impairment charges, partly offset by net noncash mark-to-market gains on oil and gas derivative contracts and a net gain from the sale of the Candelaria and Ojos del Salado mining operations.
Adjusted net income attributable to common stock totaled $257 million, $0.25 per share, for fourth-quarter 2014. Analysts polled by Thomson Reuters expected the company to report earnings of $0.35 per share for the quarter. Analysts' estimates typically exclude special items.
Consolidated sales totaled 972 million pounds of copper, 377 thousand ounces of gold, 21 million pounds of molybdenum and 12.1 million barrels of oil equivalents (MMBOE) for fourth-quarter 2014 and 3.9 billion pounds of copper, 1.25 million ounces of gold, 95 million pounds of molybdenum and 56.8 MMBOE for the year 2014.
Revenues for the quarter were $5.235 billion, lower than last year's $5.885 billion. Wall Street expected revenues of $4.94 billion for the quarter.
Consolidated sales for the year 2015 are expected to approximate 4.3 billion pounds of copper, 1.3 million ounces of gold, 95 million pounds of molybdenum and 55.5 MMBOE, including 950 million pounds of copper, 225 thousand ounces of gold, 23 million pounds of molybdenum and 13.1 MMBOE in first-quarter 2015.
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