Freeport-McMoRan Swings to 3Q Loss

By Patrick Thomas

Freeport-McMoRan Inc. (FCX) swung to a loss in its third quarter and posted revenue below Wall Street estimates.

The copper mining giant Wednesday reported a loss of $131 million, or 9 cents a share, compared with a profit of $556 million, or 38 cents a share, a year ago.

The company reported an adjusted loss of 1 cent a share. Analysts polled by FactSet were expecting a loss of 1 cent a share, or to break even on an adjusted basis.

Revenue fell to $3.31 billion from $4.91 billion a year earlier. Analysts had expected $3.53 billion of revenue in the quarter.

The company said it recorded 795 million pounds in copper sales during the quarter, 4% lower than its July estimate of 830 million pounds, due to lower production from its Cerro Verde location and the timing of shipments, partly offset by higher production and sales from North America.

Write to Patrick Thomas at patrick.thomas@wsj.com

(END) Dow Jones Newswires

October 23, 2019 08:26 ET (12:26 GMT)

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