Iron ore and coal mining giant Cliffs Natural Resources Inc (CLF) on Thursday posted an 11% decline in first quarter earnings, hurt by higher costs and lower revenue.
The Cleveland-based company reported first quarter net income of $376 million, or $2.63 per share, compared with $423 million, or $3.11 per share, in the year-ago period.
Revenue rose 7% from last year to $1.3 billion.
On average, Wall Street analysts expected a profit of $1.10 per share, on matching revenue of $1.3 billion. It wasn’t immediately known whether analysts’ view compared with CLF’s results.
Cliffs Natural Resources shares fell $2.61, or -3.9%, in premarket trading Thursday.
The Bottom Line
Shares of Cliffs Natural Resources (CLF) have a 3.73% dividend yield, based on last night’s closing stock price of $67.11. The stock has technical support in the $60 price area. If the shares can firm up, we see overhead resistance around the $70-$73 price levels.
Cliffs Natural Resources Inc (CLF) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.