AP NEWS

Freeport-McMoRan: 3Q Earnings Snapshot

October 23, 2019

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%.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on FCX at https://www.zacks.com/ap/FCX