(RTTNews) - Shares of iron ore mining company Cleveland-Cliffs Inc. (CLF) are rising more than 7% Friday morning after reporting narrower loss than estimated in the third quarter.
Cleveland-Cliffs reported third-quarter adjusted loss of $0.02 per share compared with earnings of $0.33 per share last year. On average, 7 analysts polled by Thomson Reuters expected loss of $0.10 per share.
Revenue for the quarter jumped to $1.646 billion from $555.6 million last year. The consensus estimate was for $1.6 billion.
"While the third quarter started slow with underlying demand in July not very different from June, business activity progressively improved through the quarter, achieving in September shipment rates normalized to prior-year levels. This momentum has continued into October and, as such, we look forward to even further improved financial results in the fourth quarter," Cliffs' Chairman, President, and CEO Lourenco Goncalves said.
CLF stock is currently trading at $8.85. It has been trading in the range of $2.63- $8.28 in the last one year.
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