Cleveland-Cliffs: 2Q Earnings Snapshot
CLEVELAND (AP) _ Cleveland-Cliffs Inc. (CLF) on Friday reported second-quarter earnings of $160.8 million.
The Cleveland-based company said it had profit of 57 cents per share. Earnings, adjusted to extinguish debt and to account for discontinued operations, were 63 cents per share.
The results topped Wall Street expectations. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 52 cents per share.
The mining company posted revenue of $743.2 million in the period, which also topped Street forecasts. Five analysts surveyed by Zacks expected $612.6 million.
Cleveland-Cliffs shares have risen 41% since the beginning of the year. The stock has climbed 24% in the last 12 months.