Freeport-McMoRan earnings for the fourth quarter of 2018 sees FCX stock taking a hit on Thursday.

Freeport-McMoRan (NYSE:FCX) starts off the earnings report for the fourth quarter of the year with earnings per share of 11 cents. This is a major drop from the company’s earnings per share of 51 cents from the same time last year. It was also a blow to FCX stock by missing Wall Street’s earnings per share estimate of 18 cents for the quarter.

The Freeport-McMoRan earnings report for the fourth quarter of 2018 also includes a net loss of $5 million. This is down from the company’s net income of $1.21 billion reported in the fourth quarter of 2017.

Operating income in the Freeport-McMoRan earnings report for the fourth quarter of the year came in at $316 million. The U.S. mining company’s operating income from the same period of the year prior was $1.48 billion.

The most recent quarter for Freeport-McMoRan also has it reporting revenue of $3.68 billion. This is a decrease from the company’s revenue of $5.04 billion reported in the fourth quarter of the previous year. It is also another bit of bad news for FCX stock due to analysts expecting revenue of $3.80 billion for the period.

“Despite recent market uncertainty, we remain confident in the fundamentals and long-term outlook for copper and the opportunities to deliver substantial value to shareholders from our premier portfolio of geographically diverse long-lived copper assets,” Richard Adkerson, President and CEO of Freeport-McMoRan, said in a statement.

FCX stock was down 10% as of Thursday afternoon.

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