Freeport-McMoran (FCX) Misses Q3 EPS by 3c

Freeport-McMoran (NYSE: FCX) reported Q3 EPS of $0.16, $0.03 worse than the analyst estimate of $0.19. Revenue for the quarter came in at $3.88 billion versus the consensus estimate of $3.95 billion.

Consolidated sales (including volumes from Tenke Fungurume (Tenke), which is being reported as discontinued operations) totaled 1.2 billion pounds of copper, 317 thousand ounces of gold, 16 million pounds of molybdenum and 12.0 million barrels of oil equivalents (MMBOE) for third-quarter 2016, compared with 1.0 billion pounds of copper, 294 thousand ounces of gold, 23 million pounds of molybdenum and 13.8 MMBOE for third-quarter 2015.

Outlook:
Consolidated sales for the year 2016 are expected to approximate 4.8 billion pounds of copper (including 485 million pounds from Tenke), 1.26 million ounces of gold and 73 million pounds of molybdenum, including 1.3 billion pounds of copper, 590 thousand ounces of gold and 21 million pounds of molybdenum for fourth-quarter 2016.

For earnings history and earnings-related data on Freeport-McMoran (FCX) click here.

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