Freeport-McMoRan: 3Q Earnings Snapshot
PHOENIX (AP) _ Freeport-McMoRan Inc. (FCX) on Wednesday reported a third-quarter loss of $131 million, after reporting a profit in the same period a year earlier.
The Phoenix-based company said it had a loss of 9 cents per share. Losses, adjusted for one-time gains and costs, were 1 cent per share.
The results matched Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was also for a loss of 1 cent per share.
The mining company posted revenue of $3.31 billion in the period, which did not meet Street forecasts. Three analysts surveyed by Zacks expected $3.58 billion.
Freeport-McMoRan shares have dropped nearly 4% since the beginning of the year, while the Standard & Poor’s 500 index has risen 20%.