Freeport-McMoRan Shares Fall As Company Reports Net Losses, Down Revenue

By MarketWatch Pulse

Freeport-McMoRan Inc. reported a net loss of $3.8 billion for the third quarter, or a loss of $3.58 per share. In the same period a year ago the company had net income of $552 million, or 53 cents per share. The adjusted loss per share was 15 cents; FactSet consensus was for a loss of 9 cents per share. Revenue came to $3.68 billion, compared with $5.69 billion a year ago. The FactSet revenue consensus was $3.97 billion. The company said it took a series of aggressive actions to reduce costs and capital expenditures. "We remain focused on managing our production, costs and capital expenditures under volatile market conditions as we seek to strengthen our balance and build value for shareholders," Chief Executive Richard Adkerson said in a statement. Shares fell 3% in premarket trade on Thursday.

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