NEW YORK (TheStreet) -- Cliffs Natural Resources (CLF) - Get Report stock is jumping by 4.04% to $3.09 in pre-market trading on Wednesday after the company posted its fiscal 2015 second quarter earnings results.
For the latest quarter, the company posted earnings of 39 cents on revenue of $498 million.
In the same period the previous year, the company posted a loss of 2 cents per share on revenue of $748 million.
For the quarter ended June 30, analysts had expected the company to report a loss of 11 cents per share on revenue of $572.34 million.
"Over the past twelve months we have taken actions to protect the long-term viability of Cliffs," CEO Lourenco Goncalves stated. "These include the elimination of a revolver with restrictive covenants, the removal of loss-making Eastern Canadian Iron Ore, the divestiture of several non-core assets, the significant reduction of SG&A and capital expenditures, and the optimization of costs in U.S. Iron Ore and Asia Pacific Iron Ore."
Additionally, for 2015, Cliffs is lowering its full-year sales and production volume expectation to 19 million tons of iron ore pellets from 20.5 million tons. Previous cash production cost expectation remains the same at $55 to $60 per ton, along with the previous cash cost of goods sold per ton expectation of $60 to $65, the company said.
The company is a mining and natural resources firm that produces iron ore and metallurgical coal.
Separately, TheStreet Ratings team rates CLIFFS NATURAL RESOURCES INC as a Sell with a ratings score of D-. TheStreet Ratings Team has this to say about their recommendation:
"We rate CLIFFS NATURAL RESOURCES INC (CLF) a SELL. This is driven by some concerns, which we believe should have a greater impact than any strengths, and could make it more difficult for investors to achieve positive results compared to most of the stocks we cover. The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, poor profit margins, weak operating cash flow and generally disappointing historical performance in the stock itself."
You can view the full analysis from the report here: CLF Ratings Report