WASHINGTON (dpa-AFX) - Cliffs Natural Resources Inc. (CLF) reported first-quarter income from continuing operations of $166.8 million or $0.94 per share, compared to $69.7 million or $0.37 per share, prior year. The company said the results include the gain related to extinguishment of debt, as well as income tax valuation allowances and other items. Excluding these items, Cliffs reported first-quarter adjusted net income from continuing operations of $2 million, or $0.02 per share.
On average, 15 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.19 for the quarter. Analysts' estimates typically exclude special items.
The deconsolidation of the Canadian Entities resulted in a pretax loss of $818 million, which was recorded in loss from discontinued operations. Net loss to common shareholders was $772.6 million, compared to a loss of $83.1 million, a year ago. Total loss per share was $4.26, compared to a loss of $0.54, prior year.
Revenue from product sales and services were $446.0 million compared to $615.5 million last year. Revenues were $574 million not considering the revised accounting treatment for North American Coal and the Canadian Entities. Analysts expected revenue of $562.46 million for the quarter.
Copyright RTT News/dpa-AFX