Freeport-McMoRan Swings to Loss, Takes Big Oil-and-Gas Write-Down
22 Oktober 2015 - 3:40PM
Dow Jones News
By Tess Stynes
Freeport-McMoRan Inc. swung to a third-quarter loss on another
big write-down tied to the company's struggling oil-and-gas
operations.
The Phoenix company's shares fell 1.6% to $11.77 in recent
premarket trading as the loss, excluding one-time items, was
sharply wider than analysts had feared and revenue missed
expectations.
The U.S.'s biggest miner and a major copper producer, also
announced plans to further curtail copper and molybdenum
production, including revised plans to suspend mining operations at
its Miami mine in Arizona and cut production by half at it Tyrone
mine in New Mexico and its Tyrone mine, also in Arizona.
Freeport-McMoRan recently said it would explore options for its
troubled oil and gas business and cut the size of its board as it
contends with tumbling commodity prices and a move on the company
by activist investor Carl Icahn. Possible moves include a spinoff,
joint-venture arrangements or further cost cuts.
Mr. Icahn first disclosed an 8.5% stake in Freeport in August,
when the company announced it would slash 2016 capital spending by
29%, cut expected copper production by 150 million pounds, and
eliminate about 10% of its U.S. workforce of roughly 15,600.
Overall, Freeport-McMoRan reported a loss of $3.8 billion, or
$3.58 cents a share, compared with a year-earlier profit of $552
million, or 53 cents a share. Excluding net charges of $3.7
billion, the per-share loss was 15 cents.
Revenue decreased 35% to $3.68 billion.
Analysts polled by Thomson Reuters expected per-share loss of
eight cents and revenue of $3.96 billion.
Write to Tess Stynes at tess.stynes@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
October 22, 2015 09:25 ET (13:25 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
Von Jun 2024 bis Jul 2024
Freeport McMoRan (NYSE:FCX)
Historical Stock Chart
Von Jul 2023 bis Jul 2024