UPDATE: Freeport-McMoRan Posts Drop In Q4 Profit

Freeport-McMoRan Copper & Gold

reported a drop in its fourth-quarter profit. Freeport-McMoRan's quarterly profit declined to $707 million, or $0.68 per share, versus a year-ago profit of $743 million, or $0.78 per share. Its adjusted earnings came in at $0.84 per share. Its revenue climbed to $5.89 billion from $4.51 billion. However, analysts were projecting a profit of $0.80 per share on revenue of $6.37 billion. Freeport-McMoRan shares dropped 1.50% to $34.73 in pre-market trading.