reported third-quarter earnings of 53 cents a share, well above the year-ago-period's 28 cents and the
First Call/Thomson Financial
estimate of 31 cents.
The mining company said results were helped by higher copper prices and a lower effective tax rate. Copper averaged 87 cents a pound during the quarter, against 78 cents a pound in the third quarter last year, according to the company.
Third-quarter sales rose to $1.19 billion from $742.7 million.
In early trading, Phelps was up 88 cents, or 2.2%, to $41.56.