Freeport-McMoRan Inc. Q3 Profit Decreases, but beats estimates

(RTTNews) - Freeport-McMoRan Inc. (FCX) announced a profit for third quarter that decreased from last year but beat the Street estimates.

The company's earnings came in at $404 million, or $0.28 per share. This compares with $1.40 billion, or $0.94 per share, in last year's third quarter.

Excluding items, Freeport-McMoRan Inc. reported adjusted earnings of $375 million or $0.26 per share for the period.

Analysts on average had expected the company to earn $0.24 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 17.8% to $5.00 billion from $6.08 billion last year.

Freeport-McMoRan Inc. earnings at a glance (GAAP) :

-Earnings (Q3): $404 Mln. vs. $1.40 Bln. last year. -EPS (Q3): $0.28 vs. $0.94 last year. -Analyst Estimates: $0.24 -Revenue (Q3): $5.00 Bln vs. $6.08 Bln last year.