Freeport-McMoRan beats Street 3Q forecasts

Markets Associated Press

Freeport-McMoRan Inc. (FCX) on Wednesday reported third-quarter net income of $280 million.

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The Phoenix-based company said it had profit of 19 cents per share. Earnings, adjusted for one-time gains and costs, came to 34 cents per share.

The results surpassed Wall Street expectations. The average estimate of eight analysts surveyed by Zacks Investment Research was for earnings of 29 cents per share.

The mining company posted revenue of $4.31 billion in the period, also topping Street forecasts. Four analysts surveyed by Zacks expected $4.1 billion.

Freeport-McMoRan shares have climbed 15 percent since the beginning of the year, while the Standard & Poor's 500 index has risen 15 percent.

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This story was generated by Automated Insights using data from Zacks Investment Research. Access a Zacks stock report on FCX at https://www.zacks.com/ap/FCX