Freeport-McMoRan Inc (NYSE:FCX) posted net income attributable of $1 billion for fourth-quarter 2017 as compared to $292 million for fourth-quarter 2016. After making for net gains of $291 million mainly related to tax benefits linked with U.S. tax reform, partially offset by adjustments charges to environmental dues, adjusted net income totaled $750 million for fourth-quarter of 2017.
Richard C. Adkerson, the CEO and President of Freeport-McMoRan, reported that during 2017, their international team’s focus on productivity, capital and cost discipline, together with better market conditions for copper, yielded robust results. They recorded strong cash flows, sustained to strengthen their balance sheet and advanced numerous long-term initiatives to establish value for shareholders.
Their actions during 2017 and 2016 recorded their debt reduction goals efficiently while keeping a strong asset base for the imminent period. As they move into 2018, their shareholders are well set to benefit from their international leadership position in copper, boosted by a large, premium-quality portfolio of geographically diverse assets and promising copper market conditions.
They are continuing to make substantial progress in their current talks with the Indonesian government to establish long-term stability for their Grasberg operations as Freeport-McMoRan remain focused on executing their business plan for the benefit of their shareholders as well as other stakeholders.
In December 2015, the company’s common stock payout was suspended. The declaration of payouts is at the discretion of the Freeport-McMoRan Board of Directors and will depend upon firm’s financial results, future prospects, cash requirements and other factors considered relevant by the Board.
In the last trading session, the stock price of Freeport-McMoRan gained 0.46% to close the day at $19.63. The gains came at a share volume of 445,918 compared to average share volume of 17.89 million. Post the recent gains, the market cap of firm was noted at $28.3 billion.