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.
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.