Posted in | News | Iron Ore | Mining Business | Earnings

Cliffs Natural Resources Misses Q3 Estimates, Profits Still Soar

By Joel ScanlonOct 29 2010

Cliff Natural Resources (NYSE:CLF) has cut its full year coal sales forecast and missed the third quarter profit that analysts had estimated. However that does not mean that the company is not doing well. The Cleveland based company is the largest producer of iron ore in North America.

It has reduced its coal production projection from 3.9 million tons to 3.6 million tons due to adverse geological conditions at some of its North American mines. The net income of the company had risen five times to $297.4 million from $58.8 million a year ago.

The company also saw its sales double from $666.4 million to $1.35 billion. Gross margin climbed to 35.4%, from 15.5%.

Joseph A. Carrabba, the chairman, president and chief executive officer of Cliff Natural Resources, said that the continued strategic efforts to increase the business' exposure to seaborne markets had contributed to another record breaking quarter.

Written by

Joel Scanlon

Joel relocated to Australia in 1995 from the United Kingdom and spent five years working in the mining industry as an exploration geotechnician. His role involved utilizing GIS mapping and CAD software. Upon transitioning to the North Coast of NSW, Australia, Joel embarked on a career as a graphic designer at a well-known consultancy firm. Subsequently, he established a successful web services business catering to companies across the eastern seaboard of Australia. It was during this time that he conceived and launched News-Medical.Net. Joel has been an integral part of AZoNetwork since its inception in 2000. Joel possesses a keen interest in exploring the boundaries of technology, comprehending its potential impact on society, and actively engaging with AI-driven solutions and advancements.

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