Shares of Cliffs Natural Resources Inc (NYSE: CLF) surged higher by more than 17 percent Thursday morning after the company reported its first quarter results.
Cliffs Natural Resources said it earned $0.62 per share in the first quarter on revenue of $275 million. Wall Street analysts were expecting the company to lose $0.10 per share on revenue of $271 million.
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Adjusted EBITDA for the quarter was $36 million and this figure includes idle expenses of $25 million related to production curtailment at 2 mines. By segment, US Iron Ore operations delivered a $46.1 million EBITDA, Asia Pacific Iron Ore delivered a $23.0 million EBITDA and Corporate/Other recorded an EBITDA loss of $32.8 million.
Lourenco Goncalves, Cliffs' Chairman, President and Chief Executive Officer, said, "Cliffs' first-quarter results clearly demonstrate how far we have come on our turnaround. As we continue to outperform our aggressive operational targets both in the United States and in Australia, we also continue to significantly reduce our debt." Mr. Goncalves added: "The steel market in the United States has started to show consistent signs of a real recovery, with a direct positive impact on our steel clients' order books and, consequently, a totally expected improvement in our clients' appetite for the pellets we supply them. Also, the announcement of a newly adopted supply discipline going forward by the two Australian majors, followed by a similar statement coming from their Brazilian peer, has generated a more reasonable pricing environment for sinter feed fines in the international market for iron ore, which continues to be short in lump ore and pellets."
Goncalves concluded, "With Northshore back in operation in the second quarter, United Taconite restarting later this year, and a very efficient and cost competitive APIO business, Cliffs is well positioned to fully benefit from all the initiatives implemented since August 2014, and deliver a strong financial performance this year."
27% profit every 20 days?
This is what Nic Chahine averages with his option buys. Not selling covered calls or spreads… BUYING options. Most traders don’t even have a winning percentage of 27% buying options. He has an 83% win rate. Here’s how he does it.