Cliffs Natural Resources (CLF) Posts Q1 Loss of 54c/Share
Get Alerts CLF Hot Sheet
Revenue Growth %: -1.9%
Financial Fact:
Selling, general and administrative expenses: -31.1M
Today's EPS Names:
FRSB, DGICA, UXIN, More
Join SI Premium – FREE
Cliffs Natural Resources (NYSE: CLF) reported Q1 EPS of ($0.54), which may not compare with the analyst estimate of ($0.15). Revenue for the quarter came in at $940 million versus the consensus estimate of $958.4 million.
The lower revenues were primarily driven by significantly decreased market pricing for iron ore and metallurgical coal, as well as a 2% decrease in global iron ore sales volumes, much of which was weather related. Cost of goods sold decreased by 3% to $877 million, primarily driven by favorable foreign exchange rates and reduced volumes, partially offset by $33 million in incremental lower-cost-or-market adjustments in the North American Coal and Eastern Canadian Iron Ore business segments. Lower revenues significantly contributed to a 73% decrease in consolidated sales margin to $63 million, from $238 million in last year's comparable quarter. The consolidated sales margin also included the sales margin loss from Wabush Mine of $25 million, which was successfully idled during the first-quarter 2014.
Gary Halverson, Cliffs' President and Chief Executive Officer, said, "The first-quarter's winter weather in North America was some of the worst conditions we have experienced in 30 years. Despite this, we are maintaining our full-year 2014 sales and production volume guidance, as well as our cash-cost outlook in all of our North American business segments. Also, I am pleased with Bloom Lake's record first-quarter production volume in spite of the harsher weather-related operating conditions. Our focus on disciplined capital allocation and cost reductions has significantly improved our liquidity and financial position year over year."
For earnings history and earnings-related data on Cliffs Natural Resources (CLF) click here.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Gilead Sciences (GILD) Misses Q1 EPS by 288c
- Seacoast Banking Corporation of Florida (SBCF) Tops Q1 EPS by 2c
- L3Harris Technologies (LHX) Tops Q1 EPS by 15c; raises guidance
Create E-mail Alert Related Categories
Earnings, Hot Corp. News, Management CommentsRelated Entities
EarningsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!