Freeport-McMoRan's third-quarter profit beats on higher copper prices
Adds details on production, background and forecast in paragraphs 4-7
Oct 22 (Reuters) -Miner Freeport-McMoRan FCX.N reported a third-quarter profit on Tuesday that beat analysts' estimates as higher copper prices helped offset a drop in production.
Average copper prices rose in the quarter on signs of better demand in top consumer China, falling inventories and as the country unleashed wide-ranging stimulus measures to boost its flagging economy.
Freeport's quarterly average realized price for copper was $4.30 per pound, compared with $3.80 per pound a year earlier.
The company's copper production in the quarter fell to 1.05 billion recoverable pounds from 1.09 billion recoverable pounds.
Reuters reported last week that Freeport will postpone sales of refined copper from Indonesia until the second quarter of 2025 as a fire at its new smelter caused a further production delay, according to two sources with knowledge of the matter.
Freeport Indonesia halted copper cathode production at its Manyar smelter after a fire at a sulphuric acid unit at the site in East Java province, which was later extinguished.
Freeport also lowered its full year capital expenditure forecast to $4.6 billion from $4.7 billion.
On an adjusted basis, the company earned 38 cents per share in the third quarter, compared with the average analyst estimate of 35 cents per share, according to data compiled by LSEG.
Freeport's shares were up 1.3% at $48.55 before the bell.
Freeport-McMoRan earnings https://www.reuters.com/graphics/EARNINGS-AUTOMATED/FCX-N-20241022/znpnlbrxxpl/
Reporting by Tanay Dhumal in Bengaluru; Editing by Shounak Dasgupta
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