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Earnings Analysis: 
Freeport-McMoran Copper & Gold Profit Falls
Author: 123jump.com Staff
123jump.com
Last Update: 2:37 PM EST January 16 2007



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Freeport-McMoran Copper & Gold recorded weaker-than-expected quarterly results on declining production at its core Indonesian mining operations. Forest Laboratories revenue rose 18%, driven by sales of Alzheimer''s disease treatment Namenda, which grew 40% to $173.9 million. Wells Fargo & Co.''s fourth-quarter profit rose 13% as the company shook off a mortgage lending slowdown to sell other products and collect more service fees.

 
Freeport-McMoran Copper & Gold (FCX: chart), engages in the exploration, mining, and production of copper, gold, and silver, said that its fourth-quarter earnings fell to $441.6 million, or $1.99 per share, compared with a year-ago profit of $478.3 million, or $2.19 per share. Revenue climbed to $1.64 billion versus $1.49 billion in the same period a year earlier.

Forest Laboratories Inc. (FRX: chart), drug maker, reported third-quarter profit of $250.3 million, or 78 cents per share, compared with a profit of $195.2 million, or 57 cents per share, in the year-earlier quarter. Results in the latest quarter include a $20 million product development milestone payment and a $10.2 million charge related to stock option expense. Revenue jumped 18% to $893 million versus $757.8 million last year.

Wells Fargo & Co. (WFC: chart), engages in banking and related financial services businesses, said that its fourth-quarter net income increased 13% to $2.18 billion, or 64 cents per share, from $1.93 billion, or 57 cents per share in the year-ago period. Revenue climbed 11% to $9.4 billion.

Life Partners Holdings Inc. (LPHI: chart), engages in facilitating viatical and life settlement transfers, said that its second-quarter net earnings increased to $847,606, or 9 cents per share compared with $323,470, or 3 cents per share, in the year-ago period. Revenue jumped to $7.32 million versus $6.97 million in the same quarter a year earlier.

Commerce Bancorp Inc. (CBH: chart), operates as the holding company, reported a net income of $78.7 million, or 40 cents per share compared with the last-year net income of $46.9 million, or 26 cents per share. Revenue jumped 24% to $492.3 million. Excluding non-recurring charges in the year-ago quarter, net income grew 19%.

Marshall & Ilsley Corp. (MI: chart), multibank holding company, said that its fourth-quarter net income increased 16% to $205.4 million, or 79 cents per share, compared with $177.5 million, or 74 cents per share in the year-ago period. Core operating income climbed to 84 cents per share from 74 cents per share in the same period a year earlier.

U.S. Bancorp (UBS: chart), financial services provider, said that its fourth-quarter net income increased 4% to $1.19 billion, or 66 cents per share, compared with $1.14 billion, or 62 cents per share in the year-ago period.
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