Boston, MA 02\/14\/2014 (wallstreetpr) – Cliffs Natural Resources Inc. (NYSE:CLF) managed to post good results in the fourth quarter as well as for the full fiscal 2013. This was achieved cost cutting measures implemented by the company as volumes and prices were impacted throughout the year.<\/p>\n
The Highlights:<\/b><\/p>\n
Revenues for the full 2013 fiscal year were $5.7 billion, a reduction of 3% over the previous year. Though coal volumes increased by 12%, lower price realization curtailed the benefit of the increase. Volumes in the iron ore sales were also lower. Favorable foreign rates and lower costs emanating from Cliffs Natural Resources Inc. (NYSE:CLF)\u2019s North American coal business lead to a decrease in the overall cost of goods sold by 3%. The cost of goods sold came to $4.5 billion for 2013. The company managed to record net income of $414 million for 2013 against a net loss of $899 million for 2012. This translates to earnings of $2.37 per diluted share for 2013 against loss of $6.32 per share for 2012. Excluding special items for both the years, the net income for 2013 comes to $672 million or $3.85 per share against $493 million or $3.46 million for the previous year.<\/p>\n
Balance Sheet Improves:<\/b><\/p>\n
This reduced the net debt to $2.7 billion. Cliff also managed to generate more than $1 billion in cash flows from operations and the company could achieve an EBITDA of $1.5 billion. Cliff also managed to pay off the entire outstanding balance on the revolving credit facility. Cost cutting measures ensured that Cliffs Natural Resources Inc. (NYSE:CLF) was able to reduce SG&A and Exploration expenses by 32%. The cost savings totaled $135 million. Cliff is expected to maintain its cost rationalization drive as it curtails capital expenditure by 50% in 2014 to $375 – $425 million. The Capital Expenditure figures for 2013 totaled $862 million.<\/p>\n
Cliff expects to benefit from these factors in 2014 as commodity prices in both iron ore and metallurgical coal can fluctuate widely.<\/p>\n","protected":false},"excerpt":{"rendered":"
Boston, MA 02\/14\/2014 (wallstreetpr) – Cliffs Natural Resources Inc. (NYSE:CLF) managed to post good results in the fourth quarter as well as for the full […]<\/p>\n","protected":false},"author":32,"featured_media":15414,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"rop_custom_images_group":[],"rop_custom_messages_group":[],"rop_publish_now":"initial","rop_publish_now_accounts":{"twitter_2902945987_2902945987":""},"rop_publish_now_history":[],"rop_publish_now_status":"pending","footnotes":""},"categories":[2236],"tags":[2808,1491],"stock_ticker":[],"class_list":["post-15413","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","tag-cliffs-natural-resources-inc-nyseclf","tag-nyseclf","entry"],"acf":[],"yoast_head":"\n