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Cleveland-Cliffs Inc. Reports Third-Quarter 2018 Results and Initiates Quarterly Cash Dividend

8:00 am ET October 19, 2018 (BusinessWire) Print


--Adjusted EBITDA increases 66 percent to $250 million

--Company begins cash dividend of $0.20 per share on an annualized basis, to be paid quarterly

Cleveland-Cliffs Inc. (NYSE: CLF) today reported third-quarterresults for the period ended September 30, 2018.

The Company reported consolidated revenues of $742 million, compared tothe prior year's third-quarter consolidated revenues of $597 million.Cost of goods sold was $480 million compared to $439 million reported inthe third quarter of 2017.

Net income was $438 million, or $1.41 per diluted share, compared to $53million, or $0.18 per diluted share, recorded in the prior-year thirdquarter. For the nine months ended September 30, 2018, net income was$519 million, compared to $53 million during the same period in 2017.

For the third quarter of 2018, the Company reported adjusted EBITDA(1)of $250 million, a 66 percent increase from the prior-year's thirdquarter adjusted EBITDA of $151 million.