Cliffs Natural Resources Inc. Reports Third-Quarter 2016 Results

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Go back to Cliffs Natural Resources Inc. Reports Third-Quarter 2016 Results

Cliffs Natural Resources (CLF) Posts Q3 Operating Loss of 11c/Share

October 27, 2016 8:09 AM EDT

Cliffs Natural Resources (NYSE: CLF) reported Q3 EPS of ($0.11), which may not compare with the analyst estimate of $0.17. Revenue for the quarter came in at $553 million versus the consensus estimate of $581.01 million.

The Company recorded a net loss of $28 million compared to net income of $6 million recorded in the prior-year quarter. The net loss during the third quarter of 2016 included an $18 million loss on extinguishment/restructuring of debt, primarily attributable to the full redemption of the Senior Notes due January 2018 (the "2018 Notes"), compared to a $79 million gain on extinguishment/restructuring of... More