UPDATE: Cliffs Natural Resources Surging 15% - Blows Past Q1 EPS Estimates, Sales In Line - Board Lowers Dividend to $0.15

By MidnightTrader.com Staff,

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Cliffs Natural Resources Inc. ( CLF ) shares are climbing 15% to $20.80 after the company reported Q1 EPS of $0.60 per share, ex special items, nearly double analyst estimates of $0.34 per share, and lower compared to prior year earnings of $0.85 per share.

Revenues of $1.1 billion met analyst estimates but were slightly lower than prior year revenues of $1.2 billion.

CLF sees full-year revenues per ton at $115 - $120, $120 - $125, and $120 - $125 for its U.S. Iron Ore, Eastern Canadian Iron Ore, and Asia Pacific Iron Ore, respectively.

The company's board approved a reduction of the Company's quarterly cash dividend rate by 76% to $0.15 per common share. This was in response to volatile commodity pricing and CLF's commitment to maintaining its financial flexibility.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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This article appears in: Investing Commodities
Referenced Stocks: CLF

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