Cleveland-Cliffs has reported its second-quarter results for the period ended June 30, 2018, detailing consolidated revenues of US$714 million, compared to the prior year’s second-quarter revenues of US$471 million.
Cleveland-Cliffs (NYSE:CLF) has reported its second-quarter results for the period ended June 30, 2018, detailing consolidated revenues of US$714 million, compared to the prior year’s second-quarter revenues of US$471 million.
The company also reported the cost of goods sold was US$430 million compared to US$327 million reported in the second quarter of 2017, a rise of 31.5 percent.
As quoted in the press release:
The company recorded income from continuing operations of US$229 million in the second quarter, or US$0.76 per diluted share, compared to US$84 million, or US$0.28 per diluted share, in the second quarter of 2017. Net income for the quarter was US$165 million, which included a US$64 million, or US$0.21 per diluted share, loss from discontinued operations, primarily associated with the company’s Asia Pacific iron ore assets. This compares to net income of US$30 million in the second quarter of 2017. For the six months ended June 30, 2018, net income was US$81 million, compared to US$0.3 million during the same period in 2017.
Chairman, President and CEO of Cleveland-Cliffs, Lourenco Goncalves said:
“With the announced sale of the Asia Pacific Iron Ore segment, we have now completed our multi-year transformation back to our roots as a supplier of high-grade iron units to the Great Lakes steel industry. As a consequence, we expect to generate in 2018 a level of free cash flow that we have not seen in years. Going forward, we expect 2019 to be a continuation of a great 2018, based on the renewed strength of American manufacturing, the multi-year positive impact of the tax reform implemented in 2018 in the United States, and our strong position as the supplier of iron ore pellets within the Great Lakes region.”