Cliffs Natural Resources (CLF) Tops Q2 EPS by 7c; Maintains CapEx Outlook

Cliffs Natural Resources (NYSE: CLF) reported Q2 EPS of $0.07, $0.07 better than the analyst estimate of $0.00. Revenue for the quarter came in at $496 million versus the consensus estimate of $482.37 million.

SG&A Expenses and Other Expectations

Cliffs' full-year 2016 SG&A expense expectation is being maintained at $100 million.The Company is decreasing its full-year 2016 interest expense expectation to be approximately $200 million, from its previous guidance of $220 million, as a result of several liability management activities that were executed during the first half of the year. Of the $200 million expectation, approximately $170 million is considered cash and $30 million is considered non-cash.

Consolidated full-year 2016 depreciation, depletion and amortization is expected to be approximately $120 million.

Capital Budget Update

Cliffs is maintaining its full-year 2016 capital expenditures expectation of $75 million, which includes approximately $25 million in capital spend required to produce a specialized, super-flux pellet called "Mustang" at United Taconite in order to meet a customer's pellet specification requirements.

For earnings history and earnings-related data on Cliffs Natural Resources (CLF) click here.

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