NOTE 22 - QUARTERLY RESULTS OF OPERATIONS (UNAUDITED)
The sum of quarterly EPS may not equal EPS for the year due to discrete quarterly calculations.
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(In Millions, Except Per Share Amounts) |
2016 |
Quarters |
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First |
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Second |
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Third |
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Fourth |
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Year |
Revenues from product sales and services |
$ |
305.5 |
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$ |
496.2 |
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$ |
553.3 |
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$ |
754.0 |
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$ |
2,109.0 |
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Sales margin |
30.9 |
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91.5 |
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85.4 |
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181.5 |
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389.3 |
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Income (Loss) from Continuing Operations |
$ |
114.3 |
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$ |
29.9 |
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$ |
(25.1 |
) |
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$ |
100.1 |
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$ |
219.2 |
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Loss (Income) from Continuing Operations
attributable to Noncontrolling Interest |
(8.8 |
) |
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(16.7 |
) |
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2.0 |
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(1.7 |
) |
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(25.2 |
) |
Net Income (Loss) from Continuing Operations
attributable to Cliffs shareholders |
105.5 |
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13.2 |
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(23.1 |
) |
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98.4 |
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194.0 |
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Income (Loss) from Discontinued Operations, net of tax |
2.5 |
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(0.4 |
) |
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(2.7 |
) |
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(19.3 |
) |
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(19.9 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS |
$ |
108.0 |
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$ |
12.8 |
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$ |
(25.8 |
) |
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$ |
79.1 |
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$ |
174.1 |
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Earnings (loss) per common share attributable to
Cliffs common shareholders — Basic:
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Continuing Operations |
$ |
0.61 |
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$ |
0.07 |
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$ |
(0.11 |
) |
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$ |
0.43 |
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$ |
0.98 |
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Discontinued Operations |
0.01 |
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— |
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(0.01 |
) |
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(0.08 |
) |
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(0.10 |
) |
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$ |
0.62 |
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$ |
0.07 |
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$ |
(0.12 |
) |
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$ |
0.35 |
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$ |
0.88 |
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Earnings (loss) per common share attributable to
Cliffs common shareholders — Diluted:
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Continuing Operations |
$ |
0.61 |
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$ |
0.07 |
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$ |
(0.11 |
) |
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$ |
0.42 |
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$ |
0.97 |
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Discontinued Operations |
0.01 |
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— |
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(0.01 |
) |
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(0.08 |
) |
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(0.10 |
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$ |
0.62 |
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$ |
0.07 |
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$ |
(0.12 |
) |
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$ |
0.34 |
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$ |
0.87 |
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The diluted earnings per share calculation for the third quarter of 2016 exclude equity plan awards of 3.0 million that were anti-dilutive. There was no anti-dilution in the first, second or fourth quarter of 2016.
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(In Millions, Except Per Share Amounts) |
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2015 |
Quarters |
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First |
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Second |
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Third |
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Fourth |
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Year |
Revenues from product sales and services |
$ |
446.0 |
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$ |
498.1 |
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$ |
593.2 |
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$ |
476.0 |
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$ |
2,013.3 |
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Sales margin |
80.8 |
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57.3 |
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55.1 |
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43.3 |
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236.5 |
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Income (Loss) from Continuing Operations |
$ |
166.8 |
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$ |
(38.2 |
) |
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$ |
49.9 |
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$ |
(34.8 |
) |
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$ |
143.7 |
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Loss (Income) from Continuing Operations
attributable to Noncontrolling Interest |
1.9 |
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(5.0 |
) |
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4.6 |
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(2.4 |
) |
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(8.6 |
) |
Net Income (Loss) from Continuing Operations
attributable to Cliffs shareholders |
$ |
168.7 |
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$ |
(43.2 |
) |
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$ |
54.5 |
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$ |
(37.2 |
) |
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$ |
135.1 |
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Income (Loss) from Discontinued Operations, net of tax |
(928.5 |
) |
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103.4 |
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(43.9 |
) |
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(23.1 |
) |
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(884.4 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
(759.8 |
) |
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$ |
60.2 |
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$ |
10.6 |
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$ |
(60.3 |
) |
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$ |
(749.3 |
) |
PREFERRED STOCK DIVIDENDS |
(12.8 |
) |
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— |
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(25.6 |
) |
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— |
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(38.4 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS COMMON SHAREHOLDERS |
(772.6 |
) |
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60.2 |
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(15.0 |
) |
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(60.3 |
) |
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(787.7 |
) |
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Earnings (loss) per common share attributable to
Cliffs common shareholders — Basic:
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Continuing Operations |
$ |
1.02 |
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$ |
(0.28 |
) |
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$ |
0.19 |
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$ |
(0.24 |
) |
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$ |
0.63 |
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Discontinued Operations |
(6.06 |
) |
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0.67 |
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(0.29 |
) |
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(0.15 |
) |
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(5.77 |
) |
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$ |
(5.04 |
) |
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$ |
0.39 |
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$ |
(0.10 |
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$ |
(0.39 |
) |
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$ |
(5.14 |
) |
Earnings (loss) per common share attributable to
Cliffs common shareholders — Diluted: |
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Continuing Operations |
$ |
0.94 |
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$ |
(0.28 |
) |
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$ |
0.19 |
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$ |
(0.24 |
) |
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$ |
0.63 |
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Discontinued Operations |
(5.20 |
) |
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0.67 |
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(0.29 |
) |
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(0.15 |
) |
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(5.76 |
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$ |
(4.26 |
) |
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$ |
0.39 |
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$ |
(0.10 |
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$ |
(0.39 |
) |
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$ |
(5.13 |
) |
The diluted earnings per share calculation for the second, third and fourth quarter of 2015 exclude depositary shares that were anti-dilutive ranging between 25.2 million and 25.6 million and equity plan awards ranging between 0.1 million and 0.3 million that were anti-dilutive. There was no anti-dilution in the first quarter of 2015.
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