Zacks Investment Research | Apr 27, 2017 05:00AM ET
Cliffs Natural Resources Inc. (NYSE:CLF) reported net loss (attributable to Cliffs shareholders) of $28.1 million or 11 cents per share in the first quarter of 2017, versus net earnings (attributable to Cliffs shareholders) of $108 million or 62 cents logged in the year-ago quarter. Analysts polled by Zacks were expecting earnings of 16 cents on average for the quarter.
Sales for the quarter came in at $461.6 million, surging 51% from $305.5 million in the prior-year quarter. Sales beat the Zacks Consensus Estimate of $373 million.
Segment Performance
U.S. Iron Ore: U.S. Iron Ore pellet sales volume was 3,118 million long tons in the first quarter, compared with 1,910 million tons in the year-ago quarter. The rise was mainly due to increased customer demand.
Revenues per ton declined 5% year over year to $79.35. Cash production cost per ton fell 7% year over year to $58.57 in the reported quarter. The decrease was mainly due to having absence of active mines during the quarter.
Asia Pacific Iron Ore: Sales volumes in the segment increased 9% year over year to 3 million metric tons. The increase was attributed to the timing of the shipment.
Revenues per ton were $54.35, up around 32% compared to prior-year quarter. Cash production cost per ton was $37.27, up around 15% from the year-ago quarter. The increase was due to higher royalties, increased mining costs, and unfavorable exchange rates.
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