Freeport McMoRan’s Profit and Revenue Drop, but Still Beat Analysts Expectations (FCX)

International mining company, Freeport-McMoRan Copper & Gold Inc(FCX) reported higher than expected earnings for their third quarter Monday.

The Phoenix based company reported third quarter net income $824 million, or 86 cents per share, compared with $1.1 billion, or $1.10 per share, in the year-ago period.

Revenue fell 15% from last year to $4.42 billion.

On average, Wall Street analysts expected a much smaller profit of 73 cents per share, on lower revenue of $4.36 billion.

Freeport-McMoRan Copper & Gold shares were mostly flat during premarket trading Monday.

The Bottom Line
Shares of Freeport-McMoran (FCX) have a 3.04% dividend yield, based on Friday’s closing stock price of $41.18. The stock has technical support in the $36-$38 price area. If the shares can firm up, we see overhead resistance around the $44-$47 price levels.

Freeport-McMoRan Copper & Gold Inc(FCX) is not recommended at this time, holding a DARS™ Rating of 3.2 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.

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