Freeport-McMoRan 3Q results beat Street's view

Freeport-McMoRan 3Q results top analysts' estimates even as copper, gold average prices fall

Associated Press

PHOENIX (AP) -- Freeport-McMoRan's third-quarter net income dipped slightly as it dealt with some charges and the average prices for copper and gold declined.

But its results topped analysts' estimates. The shares climbed nearly 4 percent in morning trading Tuesday.

For the three months ended Sept. 30, the mining company earned $821 million, or 79 cents per share. That's down from $824 million, or 86 cents per share, a year earlier.

The latest quarter included 9 cents per share in charges for unrealized losses on oil and gas derivative contracts. Taking this out, earnings were 88 cents per share.

Analysts, on average, expected earnings of 63 cents per share, according to a FactSet survey.

Revenue increased 40 percent to $6.17 billion from $4.42 billion. Wall Street predicted $5.67 billion in revenue.

Average realized prices for copper were $3.28 per pound compared with $3.64 per pound a year earlier. For gold, it was $1,329 per ounce versus $1,728 per ounce in the prior-year period.

Consolidated copper sales climbed to 1.04 billion pounds from 922 million pounds, while consolidated gold sales surged to 305,000 ounces from 202,000 ounces. Consolidate sales of molybdenum rose to 23 million pounds from 21 million pounds.

Shares of Freeport-McMoRan Copper & Gold Inc. gained $1.34 to $36.38 in morning trading.

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