CLEVELAND-CLIFFS INC. CLF Income Statement

Cleveland-cliffs inc. (CLF)

Income statement / Quarterly

Mar'20	Dec'19	Sep'19	Jun'19	Mar'19	Dec'18	Sep'18	Jun'18	Mar'18	Dec'17	Sep'17	Jun'17	Mar'17	Dec'16	Sep'16	Jun'16	Mar'16	Dec'15	Sep'15	Jun'15	Mar'15	Dec'14	Sep'14	Jun'14	Mar'14	Dec'13	Sep'13	Jun'13	Mar'13	Dec'12	Sep'12	Jun'12	Mar'12	Dec'11	Sep'11	Jun'11	Mar'11	Dec'10	Sep'10	Jun'10	Mar'10	Sep'09	Jun'09	Sep'08	Jun'08
Revenues
324,500	-	-	-	157,000	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Realization of deferred revenue
34,600	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Operating costs:
Revenues
-	-	555,600	743,200	-	696,300	741,800	714,300	180,000	336,400	596,700	471,300	461,600	199,500	553,300	496,200	305,500	476,000	593,200	498,100	446,000	711,800	1,298,200	747,700	615,500	-284,800	1,546,600	1,488,500	1,140,500	1,536,000	1,544,900	1,579,400	1,212,400	1,485,800	2,089,100	1,805,800	1,183,200	1,225,800	1,346,000	1,184,300	727,700	666,400	390,300	1,189,700	1,008,600
Cost of goods sold
356,000	407,200	400,700	480,200	126,100	494,300	480,200	429,800	118,500	267,600	438,900	326,600	365,300	127,200	467,900	404,700	274,600	432,700	538,100	440,800	365,200	327,100	1,170,700	564,200	425,500	-914,400	1,197,900	1,220,300	902,600	1,297,400	1,346,600	1,136,000	920,600	1,049,100	1,246,000	1,074,200	583,700	809,000	868,800	769,600	577,700	563,200	402,000	824,700	582,300
Sales margin
-	-	154,900	263,000	-	202,000	261,600	284,500	61,500	68,800	157,800	144,700	96,300	72,300	85,400	91,500	30,900	43,300	55,100	57,300	80,800	384,700	127,500	183,500	190,000	629,600	348,700	268,200	237,900	238,600	198,300	443,400	291,800	436,700	843,100	731,600	599,500	416,800	477,200	414,700	150,000	103,200	-11,700	365,000	426,300
Other operating income (expense):
Royalties and management fee revenue
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-200	1,300	5,100	7,100
Selling, general and administrative expenses
26,100	36,000	25,500	30,600	27,300	33,100	29,100	26,200	25,100	24,800	23,800	26,600	27,700	34,000	31,100	22,500	28,200	27,700	22,400	30,800	29,100	13,600	62,700	40,900	37,500	-4,100	70,600	48,900	48,400	78,300	63,900	80,800	59,500	67,000	61,300	69,400	50,600	27,500	57,300	42,500	44,400	28,400	23,400	41,800	52,100
Exploration costs
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,100	-	-	-	10,600	12,600	22,700	49,300	45,600	29,100	18,800	25,100	26,600	18,200	10,600	14,100	10,300	7,700	1,600	-	-	-	-
Impairment of goodwill and other long-lived assets
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-7,769,100	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Acquisition-related costs
42,500	-	-	-	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,100	18,000	-	-	-	-	-	-	-	-	-
Miscellaneous - net
-13,300	-9,200	-7,800	-5,600	-4,400	-5,700	-7,000	-4,100	-6,100	22,200	-5,300	-2,900	11,500	-16,700	-19,600	5,700	-3,000	8,900	-3,500	-800	20,200	104,900	-53,700	-3,300	-13,300	60,700	-43,500	55,300	1,500	-32,200	-12,500	28,400	9,400	8,300	64,000	-8,200	3,800	-12,000	-19,200	1,300	9,400	4,900	17,000	10,500	1,400
Total operating costs
437,900	-	-	-	157,800	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Gain on sale of other assets - net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,000	-500	100	19,500
Casualty recoveries
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	500	10,000
Total other operating expense
-	-	33,300	36,200	-	38,800	36,100	30,300	31,200	2,600	29,100	29,500	16,200	50,700	50,700	16,800	31,200	18,800	25,900	31,600	8,900	-7,226,000	7,886,600	44,200	50,800	-96,400	124,700	6,200	69,600	1,208,500	122,000	81,500	68,900	116,900	26,000	113,800	57,400	53,600	86,800	48,900	36,600	22,700	5,600	25,600	16,900
Operating loss
-78,800	81,700	121,600	226,800	-800	163,200	225,500	254,200	30,300	66,200	128,700	115,200	80,100	21,600	34,700	74,700	-300	24,500	29,200	25,700	71,900	7,610,700	-7,759,100	139,300	139,200	726,000	224,000	262,000	168,300	-969,900	76,300	361,900	222,900	319,800	817,100	617,800	542,100	363,200	390,400	365,800	113,400	80,500	-17,300	339,400	409,400
Other income (expense):
Interest expense, net
-31,000	-24,700	-25,300	-26,100	-25,100	-25,800	-29,500	-31,200	-32,400	-26,300	-27,600	-30,100	-42,800	-37,700	-48,700	-50,700	-56,800	-60,300	-61,700	-63,600	-42,900	-46,800	-47,400	-42,100	-40,400	-51,900	-44,700	-40,700	-49,100	-59,900	-45,300	-45,300	-45,100	-	-	-	-	-	-	-	-	-	-	-	-
Gain on acquisition of controlling interests
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	2,100	0	38,600	-	-	-	-
Changes in fair value of foreign currency contracts, net
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	1,400	-6,200	50,400	56,300	15,000	32,500	-10,000	2,300	8,800	79,300	-94,300	0
Gain (Loss) on Extinguishment of Debt
-	-	-	-17,900	-	-	0	200	-	0	-88,600	-4,900	-71,900	2,200	-18,300	3,600	178,800	0	79,200	0	313,700	-	-	0	0	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-
Interest income
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	2,500	-	3,300	2,700	2,400	1,900	2,400	5,900	6,300
Interest expense
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	49,400	81,300	38,400	-	17,400	13,300	10,200	10,000	10,000	10,700	9,800
Other non-operating income
9,200	1,200	300	600	100	4,100	4,300	4,400	4,400	2,600	2,600	2,500	2,500	6,900	100	200	100	400	-100	-2,100	-800	1,200	7,100	1,600	800	-100	-1,200	-2,800	1,100	1,600	1,400	-2,200	1,800	-6,300	900	2,900	500	5,600	-300	6,500	700	200	-1,300	3,300	300
Total other expense
-21,800	-23,800	-25,000	-43,400	-25,000	-28,700	-25,200	-26,600	-28,000	-23,700	-113,600	-32,500	-112,200	-28,600	-66,900	-46,900	122,100	-59,900	17,400	-65,700	270,000	-29,400	-40,300	-40,500	-39,600	-52,000	-45,900	-43,500	-48,000	-58,300	-43,900	-47,500	-43,300	-44,500	-54,700	-28,000	20,900	-6,300	20,200	-14,100	33,800	900	70,400	-95,800	-3,200
Loss from continuing operations before income taxes
-100,600	57,900	96,600	183,400	-25,800	134,500	200,300	227,600	2,300	42,500	15,100	82,700	-32,100	-7,000	-32,200	27,800	121,800	-35,400	46,600	-40,000	341,900	7,581,300	-7,799,400	98,800	99,600	674,000	178,100	218,500	120,300	-1,028,200	32,400	314,400	179,600	275,300	762,400	589,800	563,000	356,900	410,600	351,700	147,200	81,400	53,100	243,600	406,200
Income tax benefit
-51,400	-5,500	4,800	22,000	-3,700	-489,600	500	-1,800	15,700	-242,300	-7,200	-1,100	-1,800	-10,500	-7,100	-2,100	7,500	-600	-3,400	-1,800	175,100	798,200	-921,400	7,600	29,600	168,600	65,700	9,300	-6,000	491,200	-64,000	41,900	-213,200	111,400	3,700	150,400	142,200	700	116,100	99,300	66,400	1,900	-17,600	52,000	107,400
EQUITY LOSS FROM VENTURES, net of tax
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-100	-	-	-100	-9,200	-300	-300	-500	-500	-67,900	-5,500	-382,100	-15,300	-500	-6,900	6,900	11,100	-11,300	3,000	5,100	3,600	8,200	-3,400	-20,900	-25,500	-13,100	-6,200
Income (Loss) from Continuing Operations, Net of Tax, Including Portion Attributable to Noncontrolling Interest
-49,200	63,400	91,800	161,400	-22,100	624,100	199,800	229,400	-13,400	284,800	22,300	83,800	-30,300	3,500	-25,100	29,900	114,300	-34,800	49,900	-38,200	166,800	6,783,000	-6,887,200	90,900	69,700	-	111,900	-	-	-1,901,500	81,100	272,000	385,900	170,800	769,800	428,100	423,800	-	298,100	-	-	-	-	-	-
Income from discontinued operations, net of tax
600	-200	-900	-600	0	-14,600	238,000	-64,300	-70,900	25,100	30,600	-53,700	500	77,300	-2,700	-400	2,500	-23,100	-43,900	103,400	-928,500	-8,151,200	0	-76,400	-140,400	-	2,000	-	-	30,800	-2,700	2,300	5,500	38,000	-16,800	-700	-400	-	-700	-	-	-	-	-	-
Net Income (Loss), Including Portion Attributable to Noncontrolling Interest
-48,600	-	-	-	-22,100	-	-	-	-	309,900	52,900	30,100	-29,800	80,800	-27,800	29,500	116,800	-57,900	6,000	65,200	-761,700	-1,368,200	-6,887,200	14,500	-70,700	-14,200	113,900	141,300	120,800	-1,870,700	78,400	274,300	391,400	208,800	753,000	427,400	423,400	384,500	297,400	260,600	77,400	58,600	45,200	178,500	292,600
Income attributable to noncontrolling interest
3,500	-	-	-	0	-	-	-	-	0	-500	-1,700	-1,700	1,700	-2,000	16,700	8,800	2,400	-4,600	5,000	-1,900	-83,000	-1,007,600	3,600	-400	-57,500	-3,300	-4,700	13,800	-252,400	-6,700	16,300	15,600	-	151,800	18,300	-	-	-	-100	-	-200	-300	3,600	22,400
Net Income (Loss) Attributable to Parent
-	-	90,900	160,800	-	-	437,800	165,100	-84,300	-	53,400	31,800	-28,100	-	-25,800	12,800	108,000	-60,300	10,600	60,200	-759,800	-1,285,200	-5,879,600	10,900	-70,300	43,300	117,200	146,000	107,000	-1,618,300	85,100	258,000	375,800	185,400	601,200	409,100	423,400	384,400	297,400	260,700	77,400	58,800	45,500	174,900	270,200
PREFERRED STOCK DIVIDENDS
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0	25,600	0	12,800	12,800	12,800	12,800	12,800	13,000	12,900	12,900	9,900	0	0	0	0	-	-	-	-	-	-	-	-	-	-	0	400
Net loss attributable to Cliffs shareholders
-52,100	-	-	-	-22,100	-	-	-	-	-	-	-	-	-	-	-	-	-60,300	-15,000	60,200	-772,600	-1,298,000	-5,892,400	-1,900	-83,100	30,300	104,300	133,100	97,100	-1,618,300	85,100	258,000	375,800	-	-	-	-	-	-	-	-	-	-	174,900	269,800
Earnings Per Share, Basic [Abstract]
Earnings Per Share [Abstract]
Continuing operations (in dollars per share)
-0.18	0.22	0.34	0.59	-0.08	2.11	0.67	0.77	-0.05	1.02	0.08	0.28	-0.11	-0.08	-0.11	0.07	0.61	-0.30	0.19	-0.28	1.02	37.49	-38.49	0.49	0.37	-	0.67	-	-	-11.58	0.62	1.79	2.60	1.05	4.29	2.95	3.12	-	2.20	-	-	-	-	-	-
Discontinued operations (in dollars per share)
0.00	-0.01	0.00	0.00	0.00	-0.04	0.80	-0.22	-0.24	0.09	0.10	-0.18	0.00	0.39	-0.01	0.00	0.01	-0.09	-0.29	0.67	-6.06	-45.96	0.00	-0.50	-0.92	-	0.01	-	-	0.21	-0.02	0.02	0.04	-	-0.12	-0.01	-	-	-	-	-	-	-	-	-
Earnings Per Share, Basic
-0.18	0.21	0.34	0.59	-0.08	2.07	1.47	0.55	-0.29	1.11	0.18	0.10	-0.11	0.31	-0.12	0.07	0.62	-0.39	-0.10	0.39	-5.04	-8.47	-38.49	-0.01	-0.55	0.19	0.68	0.87	0.66	-11.37	0.60	1.81	2.64	1.32	4.17	2.94	3.12	2.84	2.20	1.93	0.57	0.45	0.36	1.67	2.75
Earnings Per Share, Diluted [Abstract]
Continuing operations (in dollars per share)
-0.18	0.22	0.33	0.57	-0.08	2.07	0.64	0.76	-0.05	1.00	0.08	0.28	-0.11	-0.08	-0.11	0.07	0.61	-0.22	0.19	-0.28	0.94	37.50	-38.49	0.48	0.37	-	0.65	-	-	-11.56	0.61	1.79	2.59	1.03	4.27	2.93	3.11	-	2.19	-	-	-	-	-	-
Discontinued operations (in dollars per share)
0.00	-0.01	0.00	0.00	0.00	-0.03	0.77	-0.21	-0.24	0.09	0.10	-0.18	0.00	0.38	-0.01	0.00	0.01	-0.94	-0.29	0.67	-5.20	-45.97	0.00	-0.50	-0.91	-	0.01	-	-	0.21	-0.02	0.02	0.04	-	-0.12	-0.01	-	-	-0.01	-	-	-	-	-	-
Earnings Per Share, Diluted
-0.18	0.21	0.33	0.57	-0.08	2.04	1.41	0.55	-0.29	1.09	0.18	0.10	-0.11	0.30	-0.12	0.07	0.62	-1.16	-0.10	0.39	-4.26	-8.47	-38.49	-0.02	-0.54	0.23	0.66	0.82	0.66	-11.35	0.59	1.81	2.63	1.30	4.15	2.92	3.11	2.82	2.18	1.92	0.57	0.45	0.36	1.61	2.57
Average number of shares (in thousands)
Basic
297,500	271,900	270,000	275,800	289,500	296,034	297,900	297,600	297,266	296,236	296,100	296,100	265,164	230,500	206,300	182,300	171,700	153,183	153,200	153,232	153,185	153,157	153,108	153,087	153,040	153,037	153,029	153,011	147,827	142,402	142,396	142,380	142,226	142,247	144,203	139,000	135,486	135,366	135,345	135,319	135,174	130,840	125,055	104,753	98,127
Weighted Average Number of Shares Outstanding, Diluted
297,500	286,400	276,600	285,500	289,500	307,634	310,200	301,300	297,266	305,036	301,100	300,700	265,164	237,500	206,300	184,600	172,000	129,272	153,200	153,232	178,696	151,750	153,108	153,881	153,653	192,324	178,459	178,428	148,081	140,986	142,895	142,814	142,709	143,085	144,989	139,783	136,191	136,251	136,213	136,134	135,954	131,736	125,779	108,719	105,227
CASH DIVIDENDS DECLARED PER COMMON SHARE
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.15	0.15	-	0.15	0.15	0.15	0.15	-	0.63	0.63	0.28	0.28	0.28	0.14	0.14	0.14	0.14	0.14	0.08	0.04	0.04	0.08	0.08
CASH DIVIDENDS DECLARED PER DEPOSITARY SHARE (in dollars per share)
-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	-	0.88	0.00	0.44	-	0.44	0.44	-	0.44	0.44	0.44	0.34	-	0.00	0.00	0.00	-	-	-	-	-	-	-	-	-	-	-	-
Product [Member]
Revenues
-	-	515,000	697,400	-	-	684,700	672,000	169,200	-	530,700	417,000	412,800	142,700	508,600	452,800	275,600	436,100	542,500	454,300	399,500	648,900	1,190,800	696,300	559,200	-297,000	1,454,600	1,391,600	1,082,600	1,424,400	1,447,900	1,500,000	1,148,600	1,412,600	2,070,700	1,705,000	1,133,000	1,143,600	1,287,200	1,116,200	671,500	669,900	353,100	1,110,800	921,600
Freight [Member]
Revenues
-	-	40,600	45,800	-	-	57,100	42,300	10,800	-	66,000	54,300	48,800	56,800	44,700	43,400	29,900	39,900	50,700	43,800	46,500	62,900	107,400	51,400	56,300	12,200	92,000	96,900	57,900	111,600	97,000	79,400	63,800	73,200	18,400	100,800	50,200	82,200	58,800	68,100	56,200	-3,500	37,200	78,900	87,000