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- Freeport-McMoRan Inc FCX reported adjusted earnings of $375 million or $0.26 per share for Q3 FY22, sharply down from $0.89 a year ago and missing the consensus of $0.31.
- The company's revenue for the quarter fell 17.8% to $5.00 billion from $6.08 billion last year, slightly below the consensus of $5.05 billion.
- The London Metal Exchange (LME) copper settlement price reached a high of $4.87 per pound in March 2022, supported by copper's increasingly important role in decarbonization technologies and limited mine supply.
- Amid series of macroeconomic factors led to a decline in copper prices. The LME copper settlement price declined to $3.74 per pound in June-end and further declined during Q3 2022 to $3.47 per pound. The LME copper settlement price reached $3.37 per pound on October 19, 2022.
- The mining giant said the average realized price for copper was $3.50 per pound at the end of the third quarter, lower than last year's $4.20 per pound.
- Consolidated sales totaled 1.1 billion pounds of copper, 480 thousand ounces of gold, and 17 million pounds of molybdenum.
- Guidance: Consolidated sales for FY22 are expected to approximate 4.2 billion pounds of copper, 1.8 million ounces of gold, and 76 million pounds of molybdenum.
- For Q4, the production is expected to be 1.0 billion pounds of copper, 420 thousand ounces of gold, and 20 million pounds of molybdenum.
- Price Action: FCX shares traded higher by 4.60% at $29.67 on the last check Thursday.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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