Cliffs Reports Q1 Consolidated Revenues of $446 Million

Cliffs Natural Resources Inc. (NYSE:CLF) released its results for Q1 2015, noting that its revenues came in at $574 million, though that doesn’t consider revised accounting treatment for its North American coal and Canadian entities.

Highlights are included in the following table:

Commentary on the results is as follows:

First-quarter 2015 consolidated revenues of $446 million decreased 28 percent from the prior year’s first quarter revenues of $616 million. The 2015 and 2014 amounts each exclude the revenue contribution from North American Coal. Cost of goods sold decreased by 14 percent to $365 million compared to $426 million reported in the first quarter of 2014. Similarly, the 2015 and 2014 amounts each exclude the amount attributable to North American Coal.

For the first quarter of 2015, Cliffs recorded net income from continuing operations attributable to Cliffs’ common shareholders of$167 million, or $0.94 per diluted share. These results include the gain related to extinguishment of debt, as well as income tax valuation allowances and other items. Excluding these items, Cliffs reported first-quarter adjusted net income² from continuing operations of $2 million, or $0.02 per diluted share.

Lourenco Goncalves, chairman, president and CEO of Cliffs, commented:

Cliffs has delivered another strong quarter in the face of a challenging operating and commercial environment. The first quarter has confirmed the strength of our pricing structure in the USIO business, and our ability to continue to drive costs down in all operating segments – USIO, APIO and NAC. We are extremely pleased with the positive results of the recent refinancing exercise, and we will continue to be focused on reducing our debt and maximizing our liquidity.

Click here to read the full Cliffs Natural Resources Inc. (NYSE:CLF) press release.