- Cliffs Natural Resources (NYSE:CLF) -4% AH after Q1 earnings miss estimates and revenues plunge 18% Y/Y, primarily due to falling iron ore and met coal prices as well as a 2% decrease in global iron ore sales volumes, much of which was weather related.
- Delivered record production of 1.5M tons at Bloom Lake, in spite of the weather; also improved liquidity by 32% over the past year to $1.9B.
- Reiterated its FY 2014 North American coal production volumes of 7M-8M tons, but lowers revenue/ton guidance to $80-$85 from its previous outlook of $85-$90.
- Says iron ore demand from North American customers is very strong, which CLF expects to provide a healthy demand in 2014.