Freeport-McMoran Reports 3Q Loss

PHOENIX (AP) — Freeport-McMoran Copper & Gold Inc. (FCX) on Thursday reported a third-quarter loss of $3.83 billion, after reporting a profit in the same period a year earlier.

The Phoenix-based company said it had a loss of $3.58 per share. Losses, adjusted for non-recurring costs, came to 15 cents per share.

The results fell short of Wall Street expectations. The average estimate of nine analysts surveyed by Zacks Investment Research was for a loss of 8 cents per share.

The mining company posted revenue of $3.68 billion in the period, which also fell short of Street forecasts. Three analysts surveyed by Zacks expected $4.09 billion.

Freeport-McMoran shares have fallen 49 percent since the beginning of the year, while the Standard & Poor’s 500 index has declined roughly 2 percent. The stock has declined 62 percent in the last 12 months.


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