Freeport-McMoRan reports third-quarter loss

Thu Oct 22, 2015 8:10am EDT
 
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TORONTO Oct 22 (Reuters) - U.S. miner and oil producer Freeport-McMoRan Inc, 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. (Reporting by Susan Taylor; Editing by Chizu Nomiyama)