Cliffs Natural Resources (CLF) Plunges After Q3 Earnings Miss

Cliffs Natural Resources Inc CLF reported earnings on Thursday after the bell, and the results failed to meet expectations. Cliffs (CLF) posted EPS of $2.18 versus the estimate of $2.59. The street expected consolidated net sales of $1.45 billion, but CLF posted only $1.3 billion. These numbers were an improvement from the results that Cliffs (CLF) reported in the same period last year. In Q3 2009 CLF's consolidated revenue was $666.4 million and its EPS was $0.45. The company also lowered its North American Iron ore estimate. The estimate was lowered from $107-$112 range to $98-$103 range. Although Cliffs Natural Resources Inc CLF showed a big improvement in comparison to the same period last year, the analysts expected much better from this company. CLF struggled in the regular trading session. It fell 0.53%, and closed at $63.37. In the after hours it dropped additional 3.25%.