[saham] Freeport-McMoRan's 3rd-quarter profit drops by a third as commodity prices fall

[simon bolenang]

Freeport-McMoRan's 3rd-quarter profit drops by a third as commodity prices fall
DENVER (AP) -- Freeport-McMoRan Copper and
Gold Inc. on Tuesday reported its profit fell one-third amid a wobbly
economy that kept commodity prices lower for much of the third quarter.The 
results, which missed Wall Street estimates, sent stocks tumbling in morning 
trading.

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The
Phoenix-based company, the world's largest publicly traded copper
producer, said it is looking at cost-cutting measures, deferring or
eliminating some projects and exploration."We are positive about
the underlying fundamentals of the copper market and the long-term
prospects for our business," the company said.For the
July-to-September quarter, Freeport-McMoRan reported net income
available to common shareholders of $523 million, or $1.31 per share,
down 33 percent from a profit of $775 million, or $1.87 per share, in
the year-ago quarter.The most recent quarter reflected $61
million in charges for unrealized losses on copper futures contracts; a
$16 million charge for lower cost or market inventory adjustments. The
year-ago quarter reflected a $44 million non-cash accounting adjustment.Revenue 
dipped to $4.62 billion from $5.07 billion.Analysts polled by Thomson Reuters 
had forecast on average earnings of $1.43 per share on revenue of $4.81 
billion.Freeport-McMoRan
sold 1 billion pounds of copper at an average price of $3.14 per pound,
which is 11 percent lower than $3.53 it commanded in the year-earlier
period. Meanwhile, the company sold 307,000 ounces of gold at an
average price of $869 -- up 25 percent from the year-ago price.The
company sold more molybdenum in the latest quarter, for a higher
selling price. Freeport-McMoRan sold 19 million pounds of molybdenum at
an average price of $32.11, up from 16 million pounds for an average
price of $27.89, in the 2007 quarter.For the year,
Freeport-McMoRan said it expects to sell 4 billion pounds of copper,
1.2 million ounces of gold and 74 million pounds of molybdenum.Shares
tumbled $2.89, or 7.9 percent, to $33.84 in morning trading. Over the
past year, the stock has ranged between $30.03 and $127.24, and is off
64 percent since January.