Actionable news
0
All posts from Actionable news
Actionable news in CLF: CLIFFS NATURAL RESOURCES Inc,

Cliffs Natural Resources Getting Banged Down After Big Earnings Miss

Cliffs Natural Resources Inc. (NYSE: CLF) reported third-quarter 2016 results before markets opened Thursday. The iron ore and coal miner posted a net loss per share of $0.12 on revenues of $553.3 million. In the same period a year ago, the company reported a loss per share of $0.10 on revenues of $593.2 million. The consensus estimate called for earnings per share of $0.17 on revenues of $581.01 million.

Cliffs reported a net loss of $28 million, compared with a year-earlier profit of $6 million. During the quarter, Cliffs recorded an $18 million loss on debt restructuring and extinguishment.

Total U.S. iron ore production volume fell from 4.1 million metric tons (tonnes) in the third quarter of last year to 3.86 million tonnes, but sales margins per tonne rose from $8.70 to $12.57.

The company’s total iron ore production in...