NEW YORK (TheStreet) -- Shares of Cliffs Natural Resources (CLF) - Get Report are advancing 3.63% to $8.14 late Thursday morning after the company posted earnings and revenue above analysts' expectations.
Before today's market open, the Cleveland-based mining and natural resources company reported earnings of 7 cents per diluted share, surpassing analysts' estimates of 2 cents per share.
Revenue for the period was $496 million, also higher than Wall Street's projections of $464.8 million.
"During the second quarter we finalized a range of deals that are essential to Cliffs' future prosperity and growth. Among them, the most significant was the renewal of our multi-year supply agreement with ArcelorMittal (MT)," CEO Lourenco Goncalves said in a statement.
For 2016, Cliffs sees U.S. iron ore sales volume of 18 million tons and Asia Pacific sales of 11.5 million tons.
The company has been impacted by weak demand from steelmakers, which have faced low prices amid an oversupply and high levels of less expensive imports, the Wall Street Journal noted.
Cliffs, which is one of the largest mining companies, has continued to streamline its operations in hopes that iron-ore prices will recover.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its feeble growth in its earnings per share and poor profit margins.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: CLF