Cleveland-Cliffs Inc. Profit Drops In Q2, misses estimates

(RTTNews) - Cleveland-Cliffs Inc. (CLF) announced earnings for second quarter that decreased from the same period last year and missed the Street estimates.

The company's bottom line came in at $347 million, or $0.67 per share. This compares with $596 million, or $1.13 per share, in last year's second quarter.

Analysts on average had expected the company to earn $0.70 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 5.7% to $5.98 billion from $6.34 billion last year.

Cleveland-Cliffs Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $347 Mln. vs. $596 Mln. last year. -EPS (Q2): $0.67 vs. $1.13 last year. -Analyst Estimates: $0.70 -Revenue (Q2): $5.98 Bln vs. $6.34 Bln last year.