Phelps Dodge Beats Analysts' 3Q Earnings Estimates - TheStreet

Phelps Dodge

(PD) - Get Report

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.