The Dividend Daily Report: Cliffs Beats Earnings, Stock Soars
"Cliffs Natural Resources (CLF) released its second quarter earnings after market close Thursday.
Though the company has had a tough time meeting the Street’s estimates in recent quarters, the company was able to blow away analysts’ expectations. The company reported EPS of 82 cents and revenues of $1.5 billion versus the predicted EPS of 73 cents and revenues of $1.43 billion.
The firm noted that $110 million in debts were paid down over the quarter as well as a number of steps taken to lower costs. The report closed off with upbeat guidance, sending shares soaring more than 4.5% in after-hours trading.
Cliffs Natural Resources was up 8 cents, or 0.44%, at Thursday’s close. The stock is currently more than 60% away from its 52-week highs."