Cleveland-Cliffs reports fourth quarter earnings snapshot
CLEVELAND (AP) — Cleveland-Cliffs Inc. on Monday reported a loss of $243 million in its fourth quarter.
On a per-share basis, the Cleveland-based company, which operates a coke plant in Warren, said it had a loss of 44 cents. Losses, adjusted for nonrecurring costs and to account for discontinued operations, came to 43 cents per share.
The results topped Wall Street expectations. The average estimate of six analysts surveyed by Zacks Investment Research was for a loss of 62 cents per share.
The mining company posted revenue of $4.31 billion in the period, which fell short of Street forecasts. Five analysts surveyed by Zacks expected $4.62 billion.
For the year, the company reported a loss of $1.48 billion, or $2.91 per share. Revenue was reported as $18.61 billion.


