Freeport profit quadruples

Freeport profit quadruples

NEW ORLEANS (Reuters): Freeport-McMoRan Copper & Gold Inc., operator of a major copper and gold mine in Indonesia, reported on Wednesday that its first-quarter net profit more than quadrupled as it sold more copper and gold and slashed its production costs.

New Orleans-based Freeport said that earnings in the quarter ended March 31 were $38.0 million, or 26 cents per diluted share, compared with $9.2 million, or 6 cents, in the year-earlier period.

Analysts were expecting earnings in the range of 20 cents to 32 cents, with a consensus of 24 cents, according to Thomson Financial/First Call.

The company reported that sales of copper by its Indonesian mining unit, PT Freeport Indonesia, climbed to 333.4 million pounds from 305.9 million pounds in the first quarter of the previous year, while gold sales rose to 644,700 ounces from 444,200 ounces.

Freeport's shares have gained more than 66 percent so far this year, closing on Tuesday at $14.23. They have easily outperformed the Standard & Poor's 500 index, which has declined more than 10 percent this year.