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

By
October 22nd, 2012

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

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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 Dividend.com 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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Disclaimer: Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. The author is not registered as an investment adviser. The author may or may not hold positions in the securities mentioned in this article or video. The author relies upon the "publisher's exclusion" from the definition of "investment adviser" as provided under Section 202(a)(11) of the Investment Advisers Act of 1940 and corresponding state securities laws.