Freeport-McMoRan Beats Q3 Estimates

Freeport-McMoRan Inc FCX reported Q3 2014 earnings Tuesday.

Net income attributable to common stock totaled $552 million, $0.53 per share, for third-quarter 2014. Adjusted EPS totaled $0.64 per share, above the average estimate of $0.61 when accounting for net charges of $115 million ($0.11 per share) included in the third quarter.

For the same period in 2013, net income was $821 million and $0.79 per share. Net income attributable to common stock for the first nine months of 2014 totaled $1.5 billion ($1.47 per share), compared with $2.0 billion ($1.96 per share) for the first nine months of 2013.

Revenue for the third quarter of 2014 was $5.696 billion, slightly above the average estimate of $5.65 billion and below 2013 revenue for the same period of $6.165 billion.

'We remain focused on executing our strategy to increase value for shareholders through the development of our large resource base, effective management of our operations, prudent capital and balance sheet management, and providing attractive cash returns to shareholders,' according to a statement released by the company’s management.

Freeport-McMoRan Inc traded at $30.00 in the premarket, down 0.96 percent.