Cleveland-Cliffs Inc. Reveals Drop In Q3 Bottom Line, misses estimates

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

The company's earnings totaled $152 million, or $0.29 per share. This compares with $1.27 billion, or $2.33 per share, in last year's third quarter.

Analysts on average had expected the company to earn $0.55 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter fell 5.8% to $5.65 billion from $6.00 billion last year.

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

-Earnings (Q3): $152 Mln. vs. $1.27 Bln. last year.
-EPS (Q3): $0.29 vs. $2.33 last year.
-Analyst Estimates: $0.55
-Revenue (Q3): $5.65 Bln vs. $6.00 Bln last year.

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