Jan 22 (Reuters) – Miner Freeport-McMoRan beat Wall Street estimates for fourth-quarter profit on Thursday, boosted by higher copper prices.
Average copper prices rose in the fourth quarter and hit all-time highs late in December thanks to robust U.S. economic growth and a pick-up in Chinese demand, with supply constraints further bolstering prices.
Freeport also stands to benefit significantly from the 50% tariff on copper imports, imposed last year, given its status as the largest U.S. producer and its greater expansion potential than rivals.
Quarterly average realized price for copper was $5.33 per pound, compared with $4.15 per pound a year earlier.
The company reported an adjusted profit of 47 cents per share for the three months ended December 31, compared with analysts’ average estimate of 29 cents, according to data compiled by LSEG.
(Reporting by Tanay Dhumal in Bengaluru; Editing by Devika Syamnath)
