Freeport-McMoRan Misses Earnings And Revenue Expectations

By Caitlin HustonMarketsMarketWatch Pulse

Shares of Freeport-McMoRan Inc. gained 1.3% in premarket trade Tuesday after the company reported third-quarter earnings. The company reported net income of $217 million, or 16 cents per share, compared to a loss of $3.8 billion, or a loss of $3.58 per share. It reported adjusted earnings per share of 13 cents, below the FactSet consensus of 20 cents. It reported revenue of $3.88 billion, up from $3.38 billion in the year-earlier period but below the FactSet consensus $3.96 billion. The company said it sold 1.2 billion pounds of copper and 317,000 ounces of gold. Shares of the company have fallen 18% in the past three months, compared to the S&P 500's drop of 1%.

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