Phelps Dodge (NYSE) has turned in its best-ever quarterly earnings statement.
In fact, the third quarter was marked by overall strength in copper production, copper sales, operating income, net income and earnings per share.
The results were bolstered by the smooth startup of the Southside project in Arizona (a division of the Morenci copper mine) and better-than-average ore grades encountered at the new Candelaria copper mine in Chile.
Phelps Dodge’s share of mine production from its worldwide operations reached a record 182,300 tons of the red metal (including 33,200 tons from Candelaria), compared with 134,800 tons for the same period last year.
On revenue of more than $1 billion, the copper giant earned US$211.8 million (or US$3.03 per share) for the period ending Sept. 30. This compares with US$94.2 million (or US$1.33 per share) on US$814 million for the year-ago period.
Net income for the first nine months of the year was US$556.6 million (or US$7.92 per share), with sales exceeding US$3.1 billion.
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