UPDATE: Freeport-McMoRan Posts Decline In Q3 Profit

Freeport-McMoRan Copper & Gold

reported a drop in its third-quarter profit. Freeport-McMoRan's quarterly profit declined to $824 million, or $0.86 per share, from $1.05 billion, or $1.10 per share, in the year-earlier period. Its revenue fell to $4.42 billion from $5.2 billion. However, analysts were expecting earnings of $0.73 per share on sales of $4.39 billion. Freeport-McMoRan shares gained 0.51% to $41.39 in pre-market trading.