Freeport Loss Deepens Under $3.5 Billion Energy Unit Charge
- Company posts charge of $3.5 billion in oil and gas division
- Commodity producer under pressure from Icahn to reduce costs
This article is for subscribers only.
Freeport-McMoRan Inc. reported third-quarter results that missed analysts’ estimates after recording a $3.5 billion net charge tied to the company’s oil and gas division amid weak crude prices.
The net loss, its fourth in a row, was $3.58 a share and compared with net income of 53 cents a year earlier, the Phoenix-based company said Thursday in a statement. Excluding total one-time charges of $3.7 billion, the loss was 15 cents a share, wider than the 9-cent loss estimated on average by 15 analysts. Sales plunged 35 percent to $3.68 billion, trailing the $4.05 billion average estimate.