Cliffs Falls Short of Targets

Cliffs Natural Resources, the iron ore miner, posts surging year-over-year numbers that nevertheless fall short of estimates.
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CLEVELAND (TheStreet) -- Cliffs Natural Resources (CLF) - Get Report, the iron ore miner, fell short of Wall Street estimates with its second-quarter results, though its revenue and profit surged from a year ago.

Cliffs said it earned $260.7 million, or $1.92 a share in the quarter. Analysts were looking for $2.06 on average, according to Thompson Reuters. A year ago, in the thick of the recession and collapsed demand from struggling steelmakers, Cliffs reported earnings of $45.5 million, or 36 cents a share.

Revenue, meanwhile, came in at $1.18 billion, up by more than 200% from a year ago and essentially in-line with Wall Street targets of $1.2 billion.

Shares of Cliffs, which sells much of its iron ore to steelmakers like

AK Steel

(AKS) - Get Report

, were slipping in after-hours trading Wednesday, changing hands recently at $53.28, down 1.6% from the close in the regular session.

-- Written by Scott Eden in New York

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Scott Eden has covered business -- both large and small -- for more than a decade. Prior to joining, he worked as a features reporter for Dealmaker and Trader Monthly magazines. Before that, he wrote for the Chicago Reader, that city's weekly paper. Early in his career, he was a staff reporter at the Dow Jones News Service. His reporting has appeared in The Wall Street Journal, Men's Journal, the St. Petersburg (Fla.) Times, and the Believer magazine, among other publications. He's also the author of Touchdown Jesus (Simon & Schuster, 2005), a nonfiction book about Notre Dame football fans and the business and politics of big-time college sports. He has degrees from Notre Dame and Washington University in St. Louis.