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Freeport-McMoRan Q4 profit tops $1 billion

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Freeport-McMoRan Inc. FCX, -0.21% said Wednesday its fourth-quarter net income increased to $1.11 billion, or 74 cents a share, from $708 million, or 48 cents a share, in the year-ago quarter. Revenue climbed to $6.16 billion from just under $4.5 billion. Adjusted profit in the latest quarter totaled 96 cents a share. Wall Street analysts expected earnings of 97 cents a share and revenue of $6.44 billion, according to a survey by FactSet. Looking ahead, the copper producer expects 2022 capital expenditures of $4.7 billion, including $2 billion for major mining projects, up from $2.1 billion in 2021, including $1.25 billion for major mining projects. The company described its operational and market outlook for 2022 as “favorable.” Shares of Freeport-McMoRan rose 3.2% in premarket trades.

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