Bloomberg reported Cliffs Natural Resources Inc. (NYSE:CLF) missed analysts’ estimates for third quarter results as the price for iron ore fell.
As quoted in the market news:
Net income fell 86 percent to $85.1 million, or 59 cents a share, from $601.2 million, or $4.15, a year earlier, the Cleveland-based company said today in a statement. Profit from continuing operations was 61 cents a share, missing the $1.02 average of 21 estimates compiled by Bloomberg. Sales dropped 30 percent to $1.45 billion.