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Cliffs Natural Resources Inc. Message Board

  • eaglefryhigh eaglefryhigh Jul 26, 2013 3:45 PM Flag

    Just want to share of what I read

    I think this is not a bad earnings report, one more time like this, share price will be back to the 40's......

    Cliffs Natural Resources Inc. (CLF) posted second-quarter 2013 net earnings of 82 cents per share, down roughly 55% from $1.81 a year ago. Net income (attributable to common shareholders) declined 48% year over year to $133 million, hit by a decline in global iron ore prices and higher costs.

    The results include $68 million asset impairment charges related to the write down of Cliffs' Amapa investment as well as income tax expense of $9 million. Barring one-time items, earnings of $1.13 per share topped the Zacks Consensus Estimate of 61 cents.

    Sales for the quarter came in at $1,488.5 million, down roughly 6% from $1,579.4 million in the prior-year quarter. But it exceeded the Zacks Consensus Estimate of $1,436 million. An 11% decline in global iron ore pricing led to reduced sales in the quarter.

    Sentiment: Strong Buy

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    • 82 cents a share is what CLF can earn with iron ore at $110 a ton! That tells you where the low water mark is and with iron ore prices an demand increasing, their earnings will only go up from here!

      Shorts took this stock down after last quarter earnings based on iron ore prices falling, now they don't have a platform to push their position.

      • 2 Replies to w999surf
      • a fairly high percentage of shorts go in under 20, too, they will be looking for a way to save themselves soon. Just look at the rise in short interest from 05/15 to now, it's gone up 40%,. Shorts are going to get fried if they hang out much longer.

      • Yahoo has CLF as earning $1.14 this quarter after you back out the one-time charge, not the $.82 "net" income per share that the company reported. They are also reporting today that the consensus estimate was $.58, not the $.61 that they were reporting yesterday. Zachs was reporting $1.13, a penny less, after backing out the charge against earnings.

        As one poster noted yesterday, the company has to upgrade the way they report their numbers to the street.

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