Cliffs Natural Resources Earnings: Revenues Rise Over 62%
S&P 500 (NYSE:SPY) component Cliffs Natural Resources Inc. (NYSE:CLF) reported a profit increase in the first quarter. Cliffs Natural Resources Inc. is an international mining company that operates primarily in North America and Australia.
Cliffs Natural Resources Earnings Cheat Sheet for the First Quarter
Results: Net income for the industrial metals and minerals company rose to $423.4 million ($3.11/share) vs. $77 million (57 cents/share) in the same quarter a year earlier.
Revenue: Rose 62.6% to $1.18 billion YoY.
Actual vs. Wall St. Expectations: The mean analyst estimate was $2.25/share with a range of $1.22 per share to $2.74 per share for CLF.
Quoting Management: Joseph A. Carrabba, Cliffs’ chairman, president and chief executive officer, said, “During the quarter, we achieved another significant milestone in our long-term strategy for growth and diversification. Our pending strategic acquisition of Consolidated Thompson will further our position among the top 10 largest iron ore producers in the world. Today, with our increasing exposure to seaborne markets, we are well positioned to serve a diverse set of end markets.”
Competitors to Watch: Vale (NYSE:VALE), ArcelorMittal (NYSE:MT), Consolidated Thompson Iron Mines Ltd. (AMEX:CLM), Anglo American plc (AAUKY), Great Northern Iron Ore Properties (NYSE:GNI), AK Steel Holding Corp. (NYSE:AKS), BHP Billiton plc (NYSE:BBL), BHP Billiton Limited (NYSE:BHP), United States Steel Corp. (NYSE:X), and Mesabi Trust (NYSE:MSB).
Today’s Performance: Shares of CLF are unchanged in after hours trading.