Freeport-McMoRan Q3 Profit Falls 11% on Higher Costs, Lower Production (FCX)

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The world's largest copper producer, Freeport-McMoRan Copper & Gold Inc. ( FCX ), on Wednesday said its third quarter profit fell 11% from last year, but both profit and revenue beat analyst expectations.

The Phoenix, AZ-based company reported third quarter net income of $1.05 billion, or $1.10 per share, compared with $1.18 billion, or $1.24 per share, in the year-ago period.

Revenue edged slightly higher from last year to $5.2 billion.

On average, Wall Street analysts expected a slightly smaller profit of $1.04 per share, on significantly lower revenue of $4.81 billion.

Freeport-McMoRan shares posted small losses in premarket trading Wednesday.

The Bottom Line
Shares of Freeport McMoran ( FCX ) have a 2.83% dividend yield, based on last night's closing stock price of $35.38. The stock has technical support in the $30 price area. If the shares can firm up, we see overhead resistance around the $37-$42 price levels.

Freeport-McMoRan Copper & Gold Inc. ( FCX ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .



The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.

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