Cleveland-Cliffs Inc. reports second-quarter 2019 results

CLEVELAND (WLUC) - Cleveland-Cliffs Inc. reported its second-quarter results Friday morning for the period ended June 30, 2019.

The company reported consolidated revenues of $743 million, a 4 percent increase compared to the prior year's second-quarter consolidated revenues of $714 million. Cost of goods sold was $480 million compared to $430 million reported in the second quarter of 2018.

Cliffs recorded net income of $161 million, or $0.57 per diluted share, which included a one-time $18 million loss on extinguishment of debt related to the proactive refinancing measures taken by the company, equating to $0.06 per diluted share. Excluding this non-recurring charge, earnings were $0.63 per diluted share. This compares to net income of $165 million, or $0.55 per diluted share recorded in the prior-year quarter.

For the six months ended June 30, 2019, net income was $139 million, compared to $81 million during the same period in 2018.

Cliffs reported record-high second-quarter sales volume of 6.2 million long tons, and a record six-year-high average pellet price realization of $113 per long ton.

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