Cliffs Natural Resources Q4 Revenue Tops View; Stock Up

(RTTNews) - Cliffs Natural Resources Inc. (CLF) Monday reported a loss for the fourth quarter, compared to a profit last year, hurt by items. Revenues, despite falling from last year, topped estimates and the stock climbed close to 10 percent in the extended trade.

The firm reported a net loss available to common shareholders for the fourth quarter of $1.3 billion or $8.25 per share, compared to profit of $30.5 million or $0.20 per share for the year-ago quarter.

The latest results include Eastern Canadian Iron Ore operating margins, asset impairment charges and other items. Excluding the items totaling $1.4 billion, Cliffs reported adjusted net income of $1.00 per share, while it totaled $1.64 last year.

Fourth-quarter consolidated revenues fell 15 percent to $1.285 billion from $1.52 billion a year ago, primarily driven by lower revenues from the Asia Pacific Iron Ore and Eastern Canadian Iron Ore segments. In these segments, realized revenues are closely tied to seaborne iron ore prices, which were down 45 percent from last year. Wall Street expected revenues of $1.21 billion.

On average, 18 analysts polled by Thomson Reuters expected the company to earn $0.13 per share for the fourth quarter. Analysts' estimates typically exclude special items.

Cliffs expects its full year 2015 capital expenditures budget to be $125 million to $150 million.

The stock closed up 8.6 percent at $6.97, and gained 9.6 percent in the extended trade.