ÈÕº«Èý¼¶Æ¬

Annual report pursuant to Section 13 and 15(d)

QUARTERLY RESULTS OF OPERATIONS - (UNAUDITED)

v3.8.0.1
QUARTERLY RESULTS OF OPERATIONS - (UNAUDITED)
 12 Months Ended
Dec. 31, 2017
Quarterly Financial Information Disclosure [Abstract] Ìý
Quarterly Financial Information [Text Block]
The sum of quarterly EPS may not equal EPS for the year due to discrete quarterly calculations.
Ìý
(In Millions, Except Per Share Amounts)
2017
Quarters
Ìý
Ìý
First
Ìý
Second
Ìý
Third
Ìý
Fourth
Ìý
Year
Revenues from product sales and services
$
461.6

Ìý
$
569.3

Ìý
$
698.4

Ìý
$
600.9

Ìý
$
2,330.2

Sales margin
95.7

Ìý
145.1

Ìý
160.2

Ìý
100.7

Ìý
501.7

Income (Loss) from Continuing ÈÕº«Èý¼¶Æ¬
$
(30.3
)
Ìý
$
76.5

Ìý
$
20.6

Ìý
$
315.0

Ìý
$
381.8

Loss from Continuing ÈÕº«Èý¼¶Æ¬ attributable to Noncontrolling Interest
1.7

Ìý
1.7

Ìý
0.5

Ìý
—

Ìý
3.9

Net Income (Loss) from Continuing ÈÕº«Èý¼¶Æ¬ attributable to Cliffs shareholders
(28.6
)
Ìý
78.2

Ìý
21.1

Ìý
315.0

Ìý
385.7

Income (Loss) from Discontinued ÈÕº«Èý¼¶Æ¬, net of tax
0.5

Ìý
(46.4
)
Ìý
32.3

Ìý
(5.1
)
Ìý
(18.7
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS
$
(28.1
)
Ìý
$
31.8

Ìý
$
53.4

Ìý
$
309.9

Ìý
$
367.0

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Continuing ÈÕº«Èý¼¶Æ¬
$
(0.11
)
Ìý
$
0.26

Ìý
$
0.07

Ìý
$
1.06

Ìý
$
1.34

Discontinued ÈÕº«Èý¼¶Æ¬
—

Ìý
(0.16
)
Ìý
0.11

Ìý
(0.02
)
Ìý
(0.06
)
Ìý
$
(0.11
)
Ìý
$
0.10

Ìý
$
0.18

Ìý
$
1.04

Ìý
$
1.28

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Continuing ÈÕº«Èý¼¶Æ¬
$
(0.11
)
Ìý
$
0.26

Ìý
$
0.07

Ìý
$
1.05

Ìý
$
1.32

Discontinued ÈÕº«Èý¼¶Æ¬
—

Ìý
(0.15
)
Ìý
0.11

Ìý
(0.02
)
Ìý
(0.06
)
Ìý
$
(0.11
)
Ìý
$
0.11

Ìý
$
0.18

Ìý
$
1.03

Ìý
$
1.26

The diluted earnings per share calculation for the first quarter of 2017 excludes equity plan awards of 4.6 million that were anti-dilutive. There was no anti-dilution in the second, third or fourth quarter of 2017.
Ìý
(In Millions, Except Per Share Amounts)
Ìý
2016
Quarters
Ìý
Ìý
First
Ìý
Second
Ìý
Third
Ìý
Fourth
Ìý
Year
Revenues from product sales and services
$
305.5

Ìý
$
496.2

Ìý
$
553.3

Ìý
$
754.0

Ìý
$
2,109.0

Sales margin
30.9

Ìý
91.5

Ìý
85.4

Ìý
181.5

Ìý
389.3

Income (Loss) from Continuing ÈÕº«Èý¼¶Æ¬
$
114.3

Ìý
$
29.9

Ìý
$
(25.1
)
Ìý
$
100.1

Ìý
$
219.2

Loss (Income) from Continuing ÈÕº«Èý¼¶Æ¬ attributable to Noncontrolling Interest
(8.8
)
Ìý
(16.7
)
Ìý
2.0

Ìý
(1.7
)
Ìý
(25.2
)
Net Income (Loss) from Continuing ÈÕº«Èý¼¶Æ¬ attributable to Cliffs shareholders
$
105.5

Ìý
$
13.2

Ìý
$
(23.1
)
Ìý
$
98.4

Ìý
$
194.0

Income (Loss) from Discontinued ÈÕº«Èý¼¶Æ¬, net of tax
2.5

Ìý
(0.4
)
Ìý
(2.7
)
Ìý
(19.3
)
Ìý
(19.9
)
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS
$
108.0

Ìý
$
12.8

Ìý
$
(25.8
)
Ìý
$
79.1

Ìý
$
174.1

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Continuing ÈÕº«Èý¼¶Æ¬
$
0.61

Ìý
$
0.07

Ìý
$
(0.11
)
Ìý
$
0.43

Ìý
$
0.98

Discontinued ÈÕº«Èý¼¶Æ¬
0.01

Ìý
—

Ìý
(0.01
)
Ìý
(0.08
)
Ìý
(0.10
)
Ìý
$
0.62

Ìý
$
0.07

Ìý
$
(0.12
)
Ìý
$
0.35

Ìý
$
0.88

Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted:
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Ìý
Continuing ÈÕº«Èý¼¶Æ¬
$
0.61

Ìý
$
0.07

Ìý
$
(0.11
)
Ìý
$
0.42

Ìý
$
0.97

Discontinued ÈÕº«Èý¼¶Æ¬
0.01

Ìý
—

Ìý
(0.01
)
Ìý
(0.08
)
Ìý
(0.10
)
Ìý
$
0.62

Ìý
$
0.07

Ìý
$
(0.12
)
Ìý
$
0.34

Ìý
$
0.87