News) - Freeport-McMoRan Inc. (RSI and zigzag) posted a loss in the first quarter and has revised its 2020 operating plans – lowering its projected copper output for the full year while also cutting costs – as the company reacts to weaker economic conditions and the global COVID-19 pandemic.
Freeport on Friday reported a net loss $491 million, or 34 cents per share, in the first quarter, compared to a profit of $31 million, or 2 cents, in the same period of 2019. After adjusting for charges of $256 million, primarily due to inventory-valuation adjustments, the adjusted net loss in the January-March quarter was $235 million, or 16 cents per share.