Freeport-McMoRan Inc. (NYSE: FCX) reported third-quarter 2016 results before markets opened Tuesday. The copper and gold miner posted adjusted earnings per share (EPS) of $0.13 on revenues of $3.88 billion. In the same period a year ago, Freeport-McMoRan reported an adjusted net loss per share of $0.15 on revenues of $3.38 billion. Third-quarter results also compare to the consensus estimates for EPS of $0.19 on revenues of $3.95 billion.

On a GAAP basis, the company posted a quarterly profit of $217 million, or $0.16 per share. Adjustments for one-time gains of $39 million reduced adjusted EPS to $0.13.

To date in 2016, Freeport has shed $1.38 billion in assets and reports $5.24 billion in additional sales pending. Including a potential transaction and contingent considerations, the total amount of asset sales could reach $7.3 billion.

CEO Richard C. Adkerson said:

Our actions during 2016 position us to achieve our objectives of restoring our balance sheet strength and focusing our strategy on our industry leading portfolio of high quality, long-lived copper assets. Our announced asset sale transactions totaling $6.6 billion combined with significant free cash flow generation in the coming quarters will enable us to achieve our debt reduction targets. Our global team continues to execute our cost and capital management initiatives during a period of weak copper prices in a manner that protects the long-term values of our large resources. We remain focused on completing our announced transactions, executing our operating plans and building long-term values from our portfolio of low-cost, long-lived reserves and resources for the benefit of our shareholders.

Freeport has cut its sales forecast for the year from 5 billion pounds of copper and 1.7 million ounces of gold. Consolidated sales for the year 2016 are expected to reach about 4.8 billion pounds of copper, 1.26 million ounces of gold and 73 million pounds of molybdenum. The company produced an average of 7 million barrels a day of oil and natural gas liquids and 74 million cubic feet of natural gas per day in the third quarter on the oil and gas assets it plans to hold.

Shares traded up about 5% at $10.70 Tuesday morning. The stock’s 52-week range is $3.52 to $14.06, and the 12-month price target before Tuesday’s report was $10.67.

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