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Freeport-McMoRan reports third-quarter loss

Published 2015-10-22, 08:10 a/m
© Reuters. Freeport-McMoRan reports third-quarter loss

TORONTO, Oct 22 (Reuters) - U.S. miner and oil producer
Freeport-McMoRan Inc FCX.N , under pressure from activist
investor Carl Icahn and deteriorating commodity markets,
reported a third-quarter loss on Thursday, as prices for metals
and oil declined.
The Phoenix-based company, which made sharp cuts to its
production and costs in August, said its net loss was $3.8
billion, or $3.58 per share, compared with a net profit of $552
million, or 53 cents a share, in the same period last year.
Excluding one-time items, which totaled $3.7 billion, the
adjusted loss was $156 million, or 15 cents a share, for the
quarter ended September 30.
Analysts had been expecting an adjusted loss of 8 cents a
share, on average, according to Thomson Reuters I/B/E/S.

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