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Cleveland-Cliffs: 3Q Earnings Snapshot

Associated Press
Updated ·1 min read

CLEVELAND (AP) _ Cleveland-Cliffs Inc. (CLF) on Friday reported a third-quarter loss of $10 million, after reporting a profit in the same period a year earlier.

On a per-share basis, the Cleveland-based company said it had a loss of 2 cents. Earnings, adjusted for non-recurring costs and to account for discontinued operations, were 4 cents per share.

The results exceeded Wall Street expectations. The average estimate of three analysts surveyed by Zacks Investment Research was for a loss of 18 cents per share.

The mining company posted revenue of $1.65 billion in the period.

Cleveland-Cliffs shares have fallen 1.5% since the beginning of the year. The stock has climbed 16% in the last 12 months.

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This story was generated by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Access a Zacks stock report on CLF at https://www.zacks.com/ap/CLF