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Message: Cliffs Natural 2Q Net Jumps 56% On Acquisition, Pricing

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Cliffs Natural 2Q Net Jumps 56% On Acquisition, Pricing

posted on Jul 27, 11 09:57PM (Log in to use the IP Check tool) ^[?]

djones

DOW JONES NEWSWIRES

Cliffs Natural Resources Inc.'s (CLF) second-quarter profit jumped 56% due to
benefits from a recent acquisition as well as higher pricing for iron ore in the
U.S. and markets abroad.

But shares slid 6.8% to $87.26 in after-hours trading as per-share earnings
badly missed analysts' expectations.

The latest results partially included additional revenue from the coal and
iron-ore producer's roughly $5 billion acquisition of Consolidated Thompson Iron
Mines Ltd., a deal it completed in May. The deal gives Cliffs greater access to
Asia, where iron-ore demand has been booming, as well as allow it to develop
relationships with Consolidated Thompson's customers.

The company's earnings have been soaring in recent quarters as both sales
volume and prices climb. However, at the North American iron-ore operations,
sales volume slid down 1.6% in the latest quarter. Revenue per ton from product
sales and services increased 47% excluding expenses related to freight.

Cliffs reported earnings of $407.7 million, or $2.92 a share, up from $260.7
million, or $1.92 a share, a year earlier. Revenue jumped 52% to $1.81 billion.

Analysts surveyed by Thomson Reuters expected a per-share profit of $3.71 on
revenue of $1.8 billion.

-By John Kell, Dow Jones Newswires; 212-416-2480; john.kell@dowjones.com

(END) Dow Jones Newswires
07-27-11 1808ET
Copyright (c) 2011 Dow Jones & Company, Inc.