Freeport-McMoRan Shares Rise 0.9% After Q3 Earnings Beat Estimates

Freeport-McMoRan shares rose 0.9% Tuesday, Oct. 27, after the company’s third-quarter adjusted earnings and revenue beat expectations. Favorable prices for copper and molybdenum supported the results. Net profit nearly doubled from a year earlier, and revenue also increased year over year. Copper production and gold output declined during the quarter, while unit cash costs climbed 48% compared with the year-earlier period. The company lowered its full-year production and sales guidance and raised its capital spending forecast. The update follows TokenPost’s preview of lower copper and gold output ahead of the earnings release.

Source: TokenPost