Freeport-McMoRan Swings to 3Q Loss
October 23 2019 - 8:41AM
Dow Jones News
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)
Copyright (c) 2019 Dow Jones & Company, Inc.
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
From Aug 2024 to Sep 2024
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
From Sep 2023 to Sep 2024