Cliffs Natural Resources beats by $0.16, beats on revs :
- Reports Q4 (Dec) earnings of $0.42 per share from cont ops, $0.16 better than the Capital IQ Consensus of $0.26; revenues rose 58.4% year/year to $754 mln vs the $668.21 mln Capital IQ Consensus.
- "2016 was the year in which we finalized the execution of the operational, commercial and financial actions necessary to ensure Cliffs will have a great future. Among the actions accomplished last year are several new sales agreements entered with clients, including the renewal of our long-term supply contract with our largest customer, and a number of capital markets transactions that were successfully executed to reduce debt and extend our maturity runway."
- "the undeniable fact that the underlying business environment was far from ideal during almost all of 2016...A much more favorable business environment in the US and a newly adopted rational behavior in the international iron ore market support the work we have done internally in our company. With a much lower debt profile and extended maturities, and several new and more favorable commercial agreements that we put in place in 2016, we expect Cliffs to deliver strong and sustainable results in 2017."
- Outlook for 2017: Co expects to generate $510 mln of net income and $850 mln of adjusted EBITDA. This is based on the assumption that iron ore and steel prices will average levels consistent with the full month of January throughout 2017.
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