Freeport-McMoran Profit Surges 77% on Rising Core-Metal Values (FCX)

Wed. October 21, 2009; Posted: 12:43 PM

Oct 21, 2009 (SmarTrend(R) News Watch via COMTEX) -- FCX | Quote | Chart | News | PowerRating -- 10/21/2009-Shares of Freeport-McMoran (NYSE:FCX) are trading 3.2% higher after the company reported Q3 EPS of $2.07, beating consensus estimates of $1.34. Revenues in the quarter fell 10.2% year-over-year to $4.14 billion, and came in short of consensus estimates of $4.24 billion. Freeport also announced that its Board of Directors has reinstated its annual cash dividend of $0.60 per share. Even though Freeport said capital expenditures declined to $244 million from $766 million, operating income almost doubled to $2.1 billion from $1.1 billion.

James R. Moffett, Chairman of the Board, and Richard C. Adkerson, President and Chief Executive Officer, said, "Our third-quarter results reflect strong operating performance, high volumes from our Grasberg mine and improved commodity prices for our products - copper, gold and molybdenum. We are benefiting from improvements in our cost structure, particularly at our North America mines. We are positioned to pursue additional investments and growth opportunities within our existing asset base, when economies in the developed countries recover. Our strong performance in 2009 has enabled our Board to reinstate a cash dividend for our shareholders. We will continue to focus our cash flows on strengthening our balance sheet, investing in our future growth and providing cash returns to shareholders."

Write to Chip Brian at cbrian@tradethetrend.com

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For full details on Freeport Mcmoran C&G B (FCX) click here. Freeport Mcmoran C&G B (FCX) has Short Term PowerRatings of 5. Details on Freeport Mcmoran C&G B (FCX) Short Term PowerRatings is available at This Link.

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