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Cleveland-Cliffs: 4Q Earnings Snapshot

CLEVELAND (AP) _ Cleveland-Cliffs Inc. (CLF) on Friday reported fourth-quarter profit of $609.5 million.

On a per-share basis, the Cleveland-based company said it had profit of $1.98. Earnings, adjusted for one-time gains and costs, came to 55 cents per share.

The results did not meet Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 57 cents per share.

The mining company posted revenue of $696.3 million in the period, also missing Street forecasts. Five analysts surveyed by Zacks expected $714.1 million.

For the year, the company reported profit of $1.13 billion, or $3.71 per share. Revenue was nearly unchanged at $2.33 billion.

Cleveland-Cliffs shares have risen 42 percent since the beginning of the year. The stock has risen 60 percent in the last 12 months.


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