VANCOUVER _ First Quantum Minerals Ltd. (TSX:FM, Stock Forum) says its adjusted earnings for the fourth quarter dropped to US$76.9 million, down 42.5 per cent from a year earlier, after excluding a onetime item related to the recent change in Zambia's tax regime.
On a per share basis, the copper and nickel producer's adjusted profit, which First Quantum calls comparative earnings, was 13 cents US _ down from 23 cents or US$133.8 million a year earlier.
Analysts had estimated 16 cents US per share of adjusted earnings, according to Thomson Reuters data.
Revenue for the three months ended Dec. 31 was US$821.2 million, also short of the estimated US$833.28 million.
The company's net income for the quarter was US$453.2 million, or 75 cents per diluted share, including about $382 million attributed to a revaluation of Zambian deferred taxes under a new royalty regime introduced in December.
In the fourth quarter of 2013, First Quantum had US$131.3 million of net income and US$897 million of revenue.