CLEVELAND (WLUC) - Cleveland-Cliffs Inc. reported Thursday morning its fourth-quarter and full-year results for the period ended December 31, 2017.
Fourth-quarter 2017 consolidated revenues were $601 million, compared to prior-year fourth-quarter revenues of $754 million. Cost of goods sold was $492 million, compared to $573 million reported in the fourth quarter of 2016.
For the fourth quarter of 2017, the Company recorded net income of $318 million, or $1.05 per diluted share, compared to net income of $81 million, or $0.34 per diluted share, recorded in the prior-year quarter.
For the fourth-quarter of 2017, adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) was $129 million, compared to $174 million in the fourth quarter of 2016.
Full-year 2017 consolidated revenues were $2.3 billion, compared to the prior year's revenues of $2.1 billion. Cost of goods sold was $1.8 billion, compared to $1.7 billion reported in 2016.
For the full-year 2017, the Company recorded net income of $371 million, or $1.28 per diluted share, compared to net income of $199 million, or $0.87 per diluted share, recorded in the prior year.
For the full-year 2017, adjusted EBITDA was $513 million, compared to $374 million in 2016.
Lourenco Goncalves, Chairman, President and Chief Executive Officer, commented in a press release.
“Cleveland-Cliffs delivered in 2017 strong and sustainable financial results, and that was exactly what I promised one year ago," said Goncalves. "As a consequence of the several successful initiatives implemented in overall strategy, commercial, operations, and finance since I joined this great company in August of 2014, we have delivered in 2017 the second consecutive year of greater than 25 percent EBITDA growth."
Mr. Goncalves added: "2017 was also the year in which the industry finally woke up to the importance of both rational supply behavior and environmental compliance. This new, more logical approach to business should provide us solid support to deliver even stronger results in 2018."