("Freeport-McMoRan 1Q Profit Drops 49% Amid Indonesia Labor Impacts," at 8:39 a.m. EDT, incorrectly described the company, in the third paragraph. The error also occurred in stories on Jan. 19, 2012, and Dec. 14, 2011. The correct version of the most-recent story follows:)
DOW JONES NEWSWIRES
Freeport-McMoRan Copper & Gold Inc.'s (FCX) first-quarter earnings fell 49% due to the effect of labor-related interruptions at its Indonesian mining operations.
Shares were recently up 1.1% at $38.71 as the results topped expectations. Through Wednesday's close, the stock is down 26% in the past year.
The world's largest listed copper producer had expected a labor-related shutdown from late February through mid March and earlier work interruptions at its Grasberg milling operations in Indonesia continue to affect performance in the latest quarter. The company on Thursday reported progress in restoring normal operations at Grasberg, adding that productivity there has improved recently.
Prior to the labor disruptions, Freeport-McMoRan had reported strong results, thanks to rising prices for copper and gold.
In the latest quarter, Freeport-McMoRan posted consolidated sales volume of 827 million pounds of copper, down 11% from a year earlier but above its reduced guidance for 795 million pounds. The company also reported that gold sales volume was down 40% at 288,000 ounces, falling short of its reduced view for 300,000 ounces.
Freeport-McMoRan reported a profit of $764 million, or 80 cents a share, down from $1.5 billion, or $1.57 a share, a year earlier. The latest period included losses of 16 cents a share from early debt extinguishment.
Revenue decreased 19% to $4.6 billion. Analysts polled by Thomson Reuters most recently projected earnings of 86 cents a share on revenue of $4.53 billion.
Gross margin fell to 41.4% from 54.3%.
-By Tess Stynes, Dow Jones Newswires; 212-416-2481; Tess.Stynes@dowjones.com