Cleveland-Cliffs Inc. Reveals Fall In Q2 Bottom Line, misses estimates

Cleveland-Cliffs Inc. (CLF) reported a profit for second quarter that decreased from last year and missed the Street estimates.

The company's earnings came in at $596 million, or $1.13 per share. This compares with $780 million, or $1.33 per share, in last year's second quarter.

Analysts on average had expected the company to earn $1.31 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 25.5% to $6.34 billion from $5.05 billion last year.

Cleveland-Cliffs Inc. earnings at a glance (GAAP) :

-Earnings (Q2): $596 Mln. vs. $780 Mln. last year.
-EPS (Q2): $1.13 vs. $1.33 last year.
-Analyst Estimates: $1.31
-Revenue (Q2): $6.34 Bln vs. $5.05 Bln last year.

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