Cliffs Natural Resources Inc (NYSE:CLF) had recently announced that it would be appointing its Executive VP of Business Development, P. Kelly Tompkins, as its new CFO. Mr. Tomkins replaced Terrance Paradie, who resigned to pursue other prospects. Following the shuffle in management, the company reported a turnaround in earnings this month. The ore miner reported EPS of $0.94 for its 1Q2015, with revenues of $446 million.
At the beginning of the current year, the company had announced deconsolidation of the Bloom Lake Group, along with some other subsidiaries. Cliffs has also released financial statements classifying some of its operating segments as discontinued. These operations had been responsible for a net loss of $761.7 million, in the current quarter. The LPS from these operations had totaled $5.20.
The CEO at Cliffs, Lourenco Goncalves, had reflected positively on the 1Q2015, stating his company has delivered yet another strong quarter, in face of challenging business environments. He also expressed his delight at the results from the refinancing process, while expressing the company’s current objective as being the reduction of debt and maximizing liquidity.
The CEO, on the appointment of the new CFO, had stated that Mr. Kelly had been responsible for developing the company’s current strategy along with him. He highlighted that he has observed Kelly to be dedicated to the company and his experience would be very valuable for Cliffs.
The new post is the latest in a series of executive positions that Mr. Kelly has been taking charge of ever since he joined the company in 2010. He also has past experience of serving as CFO at RPM International Inc. prior to joining Cliffs. His development of the company’s current strategy has proven to be very beneficial so far, but what he would be able to accomplish at his new position is yet to be seen.
Cliffs Natural Resources Inc (NYSE:CLF) closed at $5.87 after losing 4.24% on April 28. The company trades 153.28 million shares in the market with a 52-week range of $4.12-$18.41.
