Miner Freeport McMoran Copper & Gold Inc. (FCX) Tuesday said third-quarter profit declined from the prior year as revenues dropped amid lower prices for copper and gold.
Net income attributable to common stock dropped to $552 million $0.53 per share from $821 million $0.79 per share for the third quarter of 2013. The latest results included net charges of $0.11 per share, while prior-year results included net charges of $0.09 per share.
On average, 21 analysts polled by Thomson-Reuters were looking for earnings of $0.61 for the quarter. Analysts' estimates typically exclude one-time items.
Revenues declined to $5.696 billion from $6.165 billion in the previous year. Analysts estimated revenues of $5.65 billion.
Consolidated copper sales increased to 1.08 billion pounds from 1.04 billion pounds, and average realized prices declined to $3.12 per pound from $3.28 per pound.
Gold sales rose to 525 thousand ounces from 305 thousand ounces, and prices fell to $1,220 per ounce from $1,329 per ounce.
Copper production dipped slightly to 1.03 billion pounds from 1.06 billion pounds a year earlier, while gold production surged to 449,000 ounces from 327,000 ounces a year ago.
In oil, sales volumes fell to 12.5 million barrels of oil equivalent or MMBOE from last year's 16.5 MMBOE.
Richard Adkerson, vice chairman, and FCX President and Chief Executive Officer, said, "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."
Looking ahead, consolidated sales for 2014 are expected to approximate 3.9 billion pounds of copper, 1.2 million ounces of gold, 95 million pounds of molybdenum and 56.2 MMBOE.
This includes 1.0 billion pounds of copper, 350 thousand ounces of gold, 21 million pounds of molybdenum and 11.5 MMBOE for fourth-quarter.
The stock closed down 1.7 percent on Monday at $30.29, and slipped 0.6 percent in the extended trade.
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