Cleveland-Cliffs Posts Q1 Loss On Acquisition Costs - Quick Facts

(RTTNews) - Cleveland-Cliffs Inc. (CLF) recorded a first quarter net loss of $49 million, or $0.18 per share, which included $66 million, or $0.22 per share, of acquisition costs, severance, and inventory step-up amortization. This is compared to a net loss of $22 million, or $0.08 per share, prior year. On average, seven analysts polled by Thomson Reuters expected the company to report a loss per share of $0.16, for the quarter. Analysts' estimates typically exclude special items. Total adjusted EBITDA increased to $22.7 million from $21.2 million.

First quarter total revenues were $359 million, compared to $157 million, previous year. Analysts expected revenue of $366.23 million for the quarter.