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.