Cleveland-Cliffs Inc (NYSE:CLF) posted third-quarter results for the period closed September 30, 2017. The firm posted consolidated revenues of $698 million, a jump of 26% compared to the previous year’s third-quarter revenue of $553 million.
Cleveland-Cliffs posted net income of $53 million in Q3 2017, which comprised loss on extinguishment of debt of an $89 million, and a $32 million gain from discontinued operations. In the comparable period, a year ago, net loss was $28 million. The previous year quarter’s net loss comprised loss on extinguishment of debt of $18 million and a $3 million of loss from discontinued operations.
In addition, cost of goods sold jumped by 15% to $538 million compared to cost of goods sold of $468 million recorded in the third quarter of 2016. For Q3 2017, adjusted EBITDA came at $154 million, a 149% jump compared to $62 million posted in the third quarter of 2016.
Lourenco Goncalves, the CEO, Chairman and President of Cleveland-Cliffs, reported that they are extremely delighted with their accomplishments so far in this year, in which they became an extremely profitable firm, considerably improved their debt profile and now compensate a lot less in interest expense.
With the Q3 2017 numbers in the books, they have already surpassed in three quarters of 2017 the data of the entire 2016. On top of that, during Q3 2017, they bought the remaining 15% stake of the Tilden Mine, and now holds 100% of all idled and active iron ore mining assets in Michigan. The deal will enable them to turn a 20 million long ton pellet supplier in next year.
In the last trading session, the stock price of Cleveland-Cliffs declined more than 2% to close the day at $6.82. The decline came at a share volume of 18.35 million compared to average share volume of 10.57 million.