Cleveland-Cliffs Inc. Q1 Profit Rises, Beats estimates

(RTTNews) - Cleveland-Cliffs Inc. (CLF) released earnings for its first quarter that increased from last year and beat the Street estimates.

The company's bottom line totaled $801 million, or $1.50 per share. This compares with $41 million, or $0.07 per share, in last year's first quarter.

Analysts on average had expected the company to earn $1.40 per share, according to figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company's revenue for the quarter rose 47.2% to $5.96 billion from $4.05 billion last year.

Cleveland-Cliffs Inc. earnings at a glance (GAAP) :

-Earnings (Q1): $801 Mln. vs. $41 Mln. last year. -EPS (Q1): $1.50 vs. $0.07 last year. -Analyst Estimate: $1.40 -Revenue (Q1): $5.96 Bln vs. $4.05 Bln last year.