Cleveland-Cliffs Q4 Profit Rises 34%; Revenue Up 43%
February 26, 08 by TheFleetIf you're new here, you may want to subscribe to our RSS feed. Thanks for visiting!
Source: Trading Markets
Thursday evening, mining company Cleveland-Cliffs Inc. reported a 34% increase in profit for the fourth quarter, buoyed by higher revenue and sales margin at the company’s North American Iron Ore segment.
The increase in revenue for the quarter was driven by a $180 million increase in revenue from the company’s North American Iron Ore segment and $51 million in sales generated by its North American Coal Segment acquired during 2007.
Operating income for the quarter rose 52% to $138.9 million from $91.2 million in the prior-year as a result of higher sales margin at the company’s North American iron ore segment, partially offset by higher selling, general and administrative expenses and a negative sales margin in its North American Coal Segment.
