Miner Freeport-McMoRan reports first-quarter loss on charges

Thu Apr 23, 2015 8:36am EDT
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TORONTO, April 23 (Reuters) - U.S. miner and oil producer Freeport-McMoRan Inc reported a first-quarter loss on Thursday, as it recorded one-time charges of $2.4 billion, mainly for the reduction of the carrying value of its oil and gas properties.

The net loss attributable to common shareholders was $2.5 billion, or $2.38 per share, compared with net income of $510 million, or 49 cents a share, in the same period last year.

Excluding one-time items, which totaled $2.32 a share, Freeport reported an adjusted loss of $60 million, or 6 cents a share, for the quarter ended March 31.

Analysts had been expecting an adjusted loss of 7 cents a share, on average, according to Thomson Reuters I/B/E/S.

Revenue fell to $4.15 billion from $4.98 billion.

Capital spending is estimated at $6.5 billion for the year, including $2.5 billion for major mining projects and $2.8 billion for oil and gas operations.

(Reporting by Susan Taylor Editing by W Simon)