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DENVER — Freeport-McMoRan Copper and Gold says third-quarter profits fell nearly one-third as copper prices declined.
The Phoenix-based mining giant blamed lower commodity prices and economic uncertainty and said it’s revising operating plans to lower costs.
For the July-to-September quarter, Freeport-McMoRan reported net income of $523 million or $1.31 a share Tuesday. That compares with a net income of $775 million or $1.87 per year in the year-ago quarter. Revenue dipped to $4.6 billion from $5 billion.
Analysts polled by Thomson Reuters had forecast on average earnings of $1.43 a share on revenue of $4.8 million.
Shares tumbled 5.6 percent to $34.66 in premarket trading.
