Freeport-McMoRan stock on the up despite 21% Q1 profit drop

Despite reporting a 21% drop in first-quarter earnings, base metals miner Freeport-McMoRan’s NYSE-listed stock was rising on Thursday after it beat analyst expectations. For the three months ended March 31, the Phoenix, Arizona-based miner reported net income falling to $510-million, or $0.49 a share, compared with $648-million, or $0.68 a share, a year earlier. Revenue rose 8.8% to $4.99-billion, up from $4.58-billion.