Freeport-McMoRan's third-quarter profits rose, due to higher copper prices, despite reduced production.
Freeport-McMoRan reported a rise in third-quarter profits due to higher copper prices, which increased to $4.30 per pound, driven by strong demand in China and reduced inventories. Despite a decrease in production from 1.09 billion to 1.05 billion pounds, the company's adjusted earnings of 38 cents per share exceeded analyst expectations. Shares rose by 1.3% to $48.55, while capital expenditure forecasts were lowered to $4.6 billion.
October 22, 2024
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