Freeport-McMoRan Inc (NYSE:FCX) is expected to post third-quarter 2023 earnings per share (EPS) of $0.34 when the company releases its results before the open on October 19, a 31% increase from a year ago, according to Zacks Investment Research.
The big miner’s revenue for the period, meanwhile, is anticipated to rise 11% year over year to $5.55 billion, boosted by an improvement in the copper price.
Freeport’s results are also expected to be aided by company efforts to increase mining rates and lower costs.
During 2Q, the company reported better-than-expected results for both its top and bottom lines even as its production and sales fell due to shipping delays in Indonesia.
Freeport-McMoRan’s earnings beat the Zacks Consensus Estimate in three of the last four quarters, while missing just once.
Shares of Freeport-McMoRan eased 2.3% to $35.66 in midday trading on Wednesday and have fallen 6% year to date.
Contact Sean at sean@proactiveinvestors.com