Add as a preferred source on GoogleFreeport-McMoRan Shares Rise 0.9% After Q3 Earnings Beat Estimates
Net profit nearly doubled year over year, but copper and gold output fell and unit cash costs rose 48%.
Freeport-McMoRan shares rose 0.9% Tuesday, Oct. 27, after the company’s third-quarter adjusted earnings and revenue beat expectations. Favorable prices for copper and molybdenum supported the results.
Net profit nearly doubled from a year earlier, and revenue also increased year over year. Copper production and gold output declined during the quarter, while unit cash costs climbed 48% compared with the year-earlier period.
The company lowered its full-year production and sales guidance and raised its capital spending forecast. The update follows TokenPost’s preview of lower copper and gold output ahead of the earnings release.
John Kim
John Kim reports on the digital-asset business for TokenPost. Send corrections or tips to info@tokenpost.com.