Freeport-McMoRan Q3 Results Miss Views; Says On Track to Meet Debt Reduction Targets

Freeport-McMoRan (FCX) reported pre-market Tuesday it swung to a Q3 adjusted profit of $0.13 per share from an adjusted loss of $0.15 per share a year earlier, which missed the $0.19 per share consensus compiled by Capital IQ.

On a reported basis, the natural resource giant swung to a profit of $217 million or $0.16 per share from a loss of $3.83 billion or $3.58 per share in the year-ago quarter.

Revenues rose to $3.88 billion from $3.38 billion but fell short of the $3.96 billion mean estimate.

Looking ahead, president and CEO Richard Adkerson said “our announced asset sale transactions totaling $6.6 billion combined with significant free cash flow generation in the coming quarters will enable us to achieve our debt reduction targets.”

Freeport expects FY16 consolidated sales to consist of 4.8 billion pounds of copper, almost 1.3 million ounces of gold and 73 million pounds of molybdenum. For Q4, it expects 1.3 billion pounds of copper, 590,000 ounces of gold and 21 million pounds of molybdenum.

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