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

4/25/2013 10:05:00 AM
By: MT Newswires
Referenced Stocks:CLF

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.