Cliffs Natural Resources: Sunny earnings report sees clouds looming
Cliffs Natural Resources vaulted to a record third quarter from a springboard of high iron ore prices combined with higher sales from its Bloom Lake operation, the company announced today.
Cliffs posted a 59% increase in revenues from the same period last year, bringing in $2.1 billion. The company more than doubled (+110%) its net income in Q3 to $820 million, despite taking a $17.5 million net loss from the idling of its renewaFUEL biomass production facility in Michigan.
Despite the sunny financial picture, Cliffs indicated that clouds are looming on the horizon in the markets for its principal commodities, iron ore and coal.
Image of Cliffs Northshore Mine, Copyright © 2011 Cliffs Natural Resources Inc.