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Published on Monday, October 27, 2008
Freeport-McMoRan Copper & Gold Inc. says declining commodity prices caused its third-quarter profits to fall 33 percent to $523 million.
Revenues were down to $4.62 billion from $5.07 billion. Earnings per share fell to $1.31 from $1.85 a year ago.
The company said its average sales price per pound of copper for the quarter was $3.14 down from $3.53 last year which had almost $500 million impact on operating cash flow.
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