Tag Archives: profit

Richard Adkerson, Freeport-McMoRan Copper & Gold - AZ Business Magazine May/June 2011

Freeport-McMoRan’s profit rises 16%

Freeport-McMoRan Copper & Gold Inc. said Tuesday that fourth-quarter profit rose 16 percent on a combination of rising sales and lower copper-production costs, and the mining company’s stock rose.

Net income was $743 million, 78 cents per share, compared with $640 million, or 67 cents per share, a year earlier. Excluding one-time items such as a charge for environmental costs, the company said it would have earned 74 cents per share, beating the forecast of 71 cents per share among analysts surveyed by FactSet.

Revenue increased 8 percent to $4.51 billion. Analysts expected $4.50 billion, on average.

Copper sales rose 18 percent, gold sales jumped 91 percent, and molybdenum sales gained 11 percent, the company said.

Cost of producing one pound of copper dipped to $1.54 from $1.57 a year earlier, reflecting lower employees costs partially offset by higher mining costs.

In December, the company announced that it will buy Plains Exploration & Production Co. and McMoRan Exploration Co. for $20 billion in total, including the assumption of debt. The deals are expected to close in the second quarter.

For the full year, Freeport-McMoRan earned $3.04 billion, or $3.19 per share, compared with $4.56 billion, or $4.78 per share, in 2011.

Richard Adkerson, Freeport-McMoRan Copper & Gold - AZ Business Magazine May/June 2011

Freeport-McMoRan's profit rises 16%

Freeport-McMoRan Copper & Gold Inc. said Tuesday that fourth-quarter profit rose 16 percent on a combination of rising sales and lower copper-production costs, and the mining company’s stock rose.

Net income was $743 million, 78 cents per share, compared with $640 million, or 67 cents per share, a year earlier. Excluding one-time items such as a charge for environmental costs, the company said it would have earned 74 cents per share, beating the forecast of 71 cents per share among analysts surveyed by FactSet.

Revenue increased 8 percent to $4.51 billion. Analysts expected $4.50 billion, on average.

Copper sales rose 18 percent, gold sales jumped 91 percent, and molybdenum sales gained 11 percent, the company said.

Cost of producing one pound of copper dipped to $1.54 from $1.57 a year earlier, reflecting lower employees costs partially offset by higher mining costs.

In December, the company announced that it will buy Plains Exploration & Production Co. and McMoRan Exploration Co. for $20 billion in total, including the assumption of debt. The deals are expected to close in the second quarter.

For the full year, Freeport-McMoRan earned $3.04 billion, or $3.19 per share, compared with $4.56 billion, or $4.78 per share, in 2011.

usairways

Fuller planes help US Airways double profit

US Airways said net income doubled in the fourth quarter as its planes were fuller and it made more money off each passenger.

The airline on Wednesday reported a profit of $37 million, or 22 cents per share, compared with $18 million, or 11 cents per share a year ago. Excluding special items, net income was 26 cents per share, 7 cents higher than analyst forecasts, according to FactSet.

Revenue rose 3.9 percent to $3.28 billon.

Per-seat passenger revenue — a key performance indicator for airlines — rose 2.2 percent. Occupancy rose 2 percentage points to 83.9 percent.

US Airways is in merger talks with American Airlines, but didn’t address the talks in its earnings release.

Some have assumed that as the fifth-biggest U.S. airline, US Airways needs the American merger to survive. J.P. Morgan analyst Jamie Baker wrote in a note to investors Wednesday that he disagrees.

“With 2012 margins just shy of Delta while topping those of Southwest and United, we find investor stand-alone pessimism to be significantly misplaced,” he wrote.

Shares of Tempe-based US Airways Group Inc. rose 30 cents, or 2 percent, to $15.15 in morning trading.