WASHINGTON (dpa-AFX) - Cliffs Natural Resources Inc. (CLF) reported a third-quarter net loss to shareholders of $5.89 billion or $38.49 per share. The company recorded an impairment of goodwill and other long-lived assets of $7.77 billion for the quarter. In the third quarter of prior year, the company reported net income of $104.3 million or $0.66 per share.
Excluding impairment charges and other items, Cliffs reported third-quarter adjusted net income of $33 million, or $0.21 per share.
On average, 13 analysts polled by Thomson Reuters expected the company to report a loss per share of $0.03 for the quarter. Analysts' estimates typically exclude special items.
Revenues were $1.30 billion, compared to $1.55 billion, a year ago. Analysts expected revenue of $1.28 billion for the quarter. The company said the lower revenues were primarily driven by a 32 percent reduction in market pricing for iron ore and a 17 percent reduction in market pricing for metallurgical coal.
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