Freeport-McMoRan Inc. said Thursday it had net income of $9 million, or less than 1 cent a share, in the fourth quarter, down from $485 million, or 33 cents a share, in the year-earlier period. Adjusted per-share earnings came to 2 cents, ahead of the FactSet consensus for breakeven. The copper and gold miner said revenue rose to $3.911 billion from $3.684 billion, well ahead of the $3.698 billion FactSet consensus. Sales of copper totaled 906 million pounds, sales of gold came to 317 thousand ounces and sales of molybdenum came to 22 million pounds in the quarter. For 2020, the company is expecting sales of about 3.5 billion pounds of copper, 0.8 million ounces of gold and 88 million pounds of molybdenum, including 725 million pounds of copper, 105 thousand ounces of gold and 22 million pounds of molybdenum in the first quarter. Capital expenditures are expected to come to $2.8 billion in 2020 after $2.65 billion in 2019, and will fund underground development rose 0.5% premarket but are up just 0.1% in the last 12 months through Wednesday, while the S&P 500 has gained 26%.
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