Edition:
United Kingdom

Cleveland-Cliffs Reports Q2 Earnings Per Share Of $0.57


Friday, 19 Jul 2019 

July 19 (Reuters) - Cleveland-Cliffs Inc ::. REPORTS SECOND-QUARTER 2019 RESULTS.Q2 REVENUE $743 MILLION VERSUS REFINITIV IBES ESTIMATE OF $622 MILLION.Q2 EARNINGS PER SHARE $0.63 EXCLUDING ITEMS.Q2 EARNINGS PER SHARE $0.57.Q2 EARNINGS PER SHARE ESTIMATE $0.52 -- REFINITIV IBES DATA.CLEVELAND-CLIFFS - NEW NORMAL IN GLOBAL IRON ORE MARKET HAS STARTED TO INFLUENCE CO'S RESULTS, OFFSETTING WEAK STEEL PRICES IN UNITED STATES DURING Q2.MINING AND PELLETIZING PELLET SALES VOLUME IN Q2 OF 2019 WAS 6.2 MILLION LONG TONS, A 4 PERCENT INCREASE FROM PRIOR-YEAR QUARTER."SHOULD SEE HIGHER STEEL PRICES GOING FORWARD".FOR 2019, CLIFFS MAINTAINED ITS FULL-YEAR SALES AND PRODUCTION VOLUME EXPECTATION OF 20 MILLION LONG TONS.CLIFFS' FY 2019 MINING AND PELLETIZING CASH COST OF GOODS SOLD RATE(2 )EXPECTATION IS MAINTAINED AT $62 TO $67 PER LONG TON.NOW EXPECTS TO REACH COMMERCIAL PRODUCTION AT ITS TOLEDO HBI PLANT AHEAD OF SCHEDULE, IN FIRST HALF OF 2020.CLIFFS' 2019 TOTAL CAPITAL EXPENDITURES EXPECTATION WAS REVISED TO $650-$700 MILLION.' FULL-YEAR 2019 MINING AND PELLETIZING CASH COST OF GOODS SOLD RATE EXPECTATION IS MAINTAINED AT $62 TO $67 PER LONG TON.NOW EXPECTS TO REACH COMMERCIAL PRODUCTION AT ITS TOLEDO HBI PLANT AHEAD OF SCHEDULE, IN FIRST HALF OF 2020.COST OF GOODS SOLD IN QUARTER WAS $480 MILLION COMPARED TO $430 MILLION REPORTED IN Q2 OF 2018. 

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16 Aug 2019