Freeport-McMoRan Copper & Gold Inc. (FCX: Quote) reported third-quarter 2012 net income attributable to common stock of $824 million or $0.86 per share, down from $1.1 billion or $1.10 per share, for third-quarter 2011. Analysts polled by Thomson Reuters expected the company to report earnings of $0.73 per share for the quarter. Analysts' estimates typically exclude special items.
Third-quarter 2012 net income included net credits for adjustments to Cerro Verde's deferred income taxes and to FCX's environmental obligations and related litigation reserves totaling $168 million ($0.18 per share), compared with net charges totaling $73 million ($0.07 per share) for third-quarter 2011.
Consolidated sales from mines for third-quarter 2012 totaled 922 million pounds of copper, 202 thousand ounces of gold and 21 million pounds of molybdenum, compared with 947 million pounds of copper, 409 thousand ounces of gold and 19 million pounds of molybdenum for third-quarter 2011.
Revenues for the quarter declined to $4.42 billion from $5.20 billion in the prior year quarter. Thirteen analysts had consensus revenue estimate of $4.36 billion for the quarter.
Consolidated sales from mines for the year 2012 are expected to approximate 3.6 billion pounds of copper, 1.0 million ounces of gold and 82 million pounds of molybdenum, including 930 million pounds of copper, 255 thousand ounces of gold and 20 million pounds of molybdenum for fourth-quarter 2012.
Consolidated sales from mines for the year 2013 are expected to total 4.3 billion pounds of copper, 1.4 million ounces of gold and 90 million pounds of molybdenum.
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by RTT Staff Writer
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