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LONDON, UK / ACCESSWIRE / May 03, 2018 / Active-Investors.com has just released a free earnings report on Cleveland-Cliffs Inc. (NYSE: CLF). If you want access to this report all you need to do is sign up now by clicking the following link www.active-investors.com/registration-sg/?symbol=CLF. Cleveland-Cliffs reported its first quarter fiscal 2018 operating and financial results on April 20, 2018. The iron ore mining Company provided guidance for FY18. Register today and get access to over 1,000 Free Research Reports by joining our site below:

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Active-Investors.com is focused on giving you timely information and the inside line on companies that matter to you. This morning, Cleveland-Cliffs most recent news is on our radar and our team decided to put out a fantastic report on the company that is now available for free below:

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Earnings Highlights and Summary

Cleveland-Cliffs reported consolidated revenues of $239.0 million for Q1 2018 compared to revenues of $461.6 million for Q1 2017. The Company's reported numbers topped analysts' estimates of $197.1 million.

As on January 01, 2018, Cleveland-Cliffs adopted the new revenue recognition standard. Under ASC Topic 606, revenue will generally be recognized upon delivery for the Company's US Iron Ore (USIO) customers. Cleveland-Cliffs stated that as a result of the adoption of the standard and the annual winter closure of the Soo Locks, revenues and net income will be relatively lower than historical levels during the first quarter and relatively higher than historical levels during the remaining nine months.

During Q1 2018, Cleveland-Cliffs' cost of goods sold was $242.6 million compared to $365.3 million reported in Q1 2017.

Cleveland-Cliffs recorded a net loss of $84.3 million, or $0.29 per diluted share, compared to net loss of $28.1 million or $0.11 per diluted share in Q1 2017. The Company's reported quarter results included a $71 million loss related to Asia/Pacific Iron Ore (APIO) where Cleveland-Cliffs has ceased all mining activity. Upon the completion of shipping activity, expected in Q2 2018, this business will be treated as a discontinued operation and no longer included in continuing business results. This segment's loss included $47 million, or $0.16 per share, in unusual charges related to the closure of the mine. In addition, the Company recorded $16 million, or $0.05 per share, in income tax expense in Q1 2018. Cleveland-Cliffs ?adjusted net loss of $0.08 per share was lower than Wall Street's estimates for a loss of $0.21 per share.

For Q1 2018, Cleveland-Cliffs' adjusted earnings before interest, tax, depreciation, and amortization (EBITDA) was $11.6 million compared to $92.2 million in Q1 2017. The Company's reported quarter results included a $77 million contribution from USIO, up 20% on a y-o-y basis, partially offset by an Asia/Pacific Iron Ore adjusted EBITDA loss of $40 million.

Segment Results

During Q1 2018, Cleveland-Cliffs' USIO pellet sales volume was 1.6 million long tons compared to Q1 2017 volume of 3.1 million long tons, driven by lower carryover tonnage from the prior year nomination as well as the adoption of ASC Topic 606. The segment's realized revenues per ton of $105.03 increased 32% on a y-o-y basis, primarily as a result of a favorable pricing adjustment that was driven by the substantial increase in domestic hot-rolled coil steel pricing.

For Q1 2018, Cleveland-Cliffs' cash cost of goods sold and operating expense rate in USIO was $57.05 per long ton, down 2% from $58.37 per long ton in Q1 2017, driven by a combination of lower sales volumes and standard cost methodology.

Cleveland-Cliffs' Q1 2018 APIO sales volume fell 46% to 1.7 million metric tons, from 3.0 million metric tons in Q1 2017, driven primarily by lower production volumes, as a result of operational decisions reflecting current market and mine conditions. The segment's realized revenue rate of $31.10 per metric ton fell 43% on a y-o-y basis as a result of increasing market discounts for low-grade iron ore and lower iron ore prices. Cleveland-Cliffs' cash cost of goods sold and operating expense rate in APIO was $66.36 per metric ton in Q1 2018.

Outlook

Based on the assumption that iron ore prices, steel prices, and pellet premiums will average for the remainder of 2018 their respective year-to-date averages, Cleveland-Cliffs is forecasting to realize USIO revenue rates in the range of $102 to $107 per long ton. The Company has also increased its full-year sales volume expectation by 500,000 long tons to 20.5 million long tons. Its production volume expectation of 20 million tons remained consistent. Cleveland-Cliffs' re-affirmed its FY18 USIO cash cost of goods sold and operating expense expectation at $58-$63 per long ton

For FY18, Cleveland-Cliffs is expecting selling, general, and administrative (SG&A) expense of $115 million. The Company has reduced its Toledo HBI Project spending expectations by $25 million to $225 million due to further development and refined timing of the project spending plan. Cleveland-Cliffs retracted its sustaining capital expectations of $85 million and Northshore Mine upgrade spending expectations of $50 million.

Stock Performance Snapshot

May 02, 2018 - At Wednesday's closing bell, Cleveland-Cliffs' stock advanced 1.94%, ending the trading session at $7.34.

Volume traded for the day: 8.99 million shares.

Stock performance in the last month ? up 6.69%; previous three-month period ? up 7.15%; past twelve-month period ? up 10.71%; and year-to-date ? up 1.80%

After yesterday's close, Cleveland-Cliffs' market cap was at $2.24 billion.

The stock is part of the Basic Materials sector, categorized under the Industrial Metals & Minerals industry. This sector was up 0.2% at the end of the session.

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