By Matt Grossman
Freeport-McMoRan Inc. swung to a profit and had higher revenue year over year for the third quarter as it sold a larger volume of copper and the average realized price of gold increased.
The Phoenix-based mining company logged a third-quarter profit of $329 million, or 22 cents a share, compared with a loss of $207 million, or 15 cents a share, in the same three-month period a year earlier.
On an adjusted basis, Freeport-McMoRan's profit was 29 cents a share. Analysts polled by FactSet had forecast adjusted earnings of 21 cents a share.
Revenue was $3.85 billion, up from $3.15 billion in last year's third quarter. Analysts were expecting revenue of $3.74 billion.
Sales of copper rose to 848 million pounds from 795 million pounds in last year's third quarter, at an average realized price per pound of $3.01. Gold sales declined to 234,000 ounces, from 243,000 ounces, but the average realized price per ounce grew 27.9% to $1,902. Molybdenum sales declined to 20 million pounds, from 22 million pounds in the year-ago period.
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