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Freeport-McMoRan: 1Q Earnings Snapshot

PHOENIX (AP) -- Freeport-McMoRan Inc. on Thursday reported first quarter profit of $31 million.

On a per-share basis, the Phoenix company said it had net income of 2 cents. Earnings, adjusted for non-recurring costs, were 5 cents per share.

The results fell short of Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of 8 cents per share.

The mining company posted revenue of $3.79 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $3.82 billion.

Freeport-McMoRan shares have risen 32% since the beginning of the year, while the Standard & Poor's 500 index has risen 17%.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCX at https://www.zacks.com/ap/FCX