Freeport-McMoRan Inc (NYSE:FCX) stock was hit hard on Tuesday following the release of its earnings report for the first quarter of 2018.

Freeport-McMoRan Inc reported earnings per share of 46 cents in the first quarter of the year. This is better than its earnings per share of 15 cents from the same time last year. However, it still wasn’t good news for FCX stock by coming in below Wall Street’s earnings per share estimate of 56 cents for the quarter.

Net income reported by Freeport-McMoRan Inc for the first quarter of 2018 was $692 million. This is in improvement over the company’s net income of $228 million reported in the same period of the year prior.

Freeport-McMoRan Inc also reported operating income of $1.46 billion for the first quarter of the year. The mining company reported operating income of $597 million in the first quarter of 2017.

During the first quarter of 2018, Freeport-McMoRan Inc reported revenue of $4.87 billion. This is an increase from FCX’s revenue of $3.34 billion reported in the first quarter of 2017. Despite the improvement, it still doesn’t reach analysts’ revenue estimate of $4.93 billion for the period.

Richard Adkerson, President and CEO of Freeport-McMoRan Inc also points out that the company is currently holding negotiations with the Indonesian government. It hopes that these negotiations will result in the company’s ability to restore long-term stability to its Grasberg operations.

Freeport-McMoRan Inc also notes that it reinstated cash dividends during the first quarter of the year. The dividend for the first quarter of the year will be payable on May 1, 2018 and is for 5 cents per share.

FCX stock was down 13% as of Tuesday afternoon.

As of this writing, William White did not hold a position in any of the aforementioned securities.