Cleveland-Cliffs (CLF) Tops Q1 EPS by 5c
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Cleveland-Cliffs Inc. Reports First-Quarter 2019 Results and Announces Additional Share Repurchase Authorization
April 25, 2019 7:00 AM EDTCLEVELAND--(BUSINESS WIRE)-- Cleveland-Cliffs Inc. (NYSE: CLF) today reported first-quarter results for the period ended March 31, 2019.
The Company reported consolidated revenues of $157 million, compared to the prior year's first-quarter consolidated revenues of $180 million. Cost of goods sold was $126 million compared to $119 million reported in the first quarter of 2018.
The Company recorded a loss of $22 million, or $0.08 per diluted share, compared to a loss of $84 million, or $0.29 per diluted share, recorded in the prior-year first quarter. For the first quarter of 2019, the Company reported adjusted EBITDA1 of $21 million, compared to the prior year's first quarter adjusted EBITDA1 of $52 million.
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