Cleveland-Cliffs Inc. (CLF) on Thursday reported second-quarter net loss attributable to shareholders of $123.9 million or $0.31 per share, compared to net income of $160.8 million or $0.57 per share in the prior-year quarter.
Total revenues for the quarter grew to $1.09 billion from $743.2 million in the prior-year's quarter.
On average, analysts polled by Thomson Reuters expected the company to report loss of $0.50 per share for the quarter on revenues of $1.08 billion. Analysts' estimates typically exclude special items.
Cleveland-Cliffs said it recorded positive adjusted EBITDA during the month of June, way ahead of its initial forecast made earlier in the second quarter.
Further, the company expects idle costs to be less than $50 million during the third quarter and minimal in the fourth quarter, which will lead to a significant improvement in unit cost performance.
Cleveland-Cliffs also expects to see positive free cash flow in the second half of the year, which includes the capital spending necessary to complete the Toledo HBI project.
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