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.
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