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) |
2017 |
Quarters |
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First |
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Second |
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Third |
|
Fourth |
|
Year |
Revenues from product sales and services |
$ |
461.6 |
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$ |
569.3 |
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$ |
698.4 |
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$ |
600.9 |
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$ |
2,330.2 |
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Sales margin |
95.7 |
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|
145.1 |
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160.2 |
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100.7 |
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|
501.7 |
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Income (Loss) from Continuing Operations |
$ |
(30.3 |
) |
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$ |
76.5 |
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$ |
20.6 |
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$ |
315.0 |
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$ |
381.8 |
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Loss from Continuing Operations attributable to Noncontrolling Interest |
1.7 |
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1.7 |
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0.5 |
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— |
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3.9 |
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Net Income (Loss) from Continuing Operations attributable to Cliffs shareholders |
(28.6 |
) |
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78.2 |
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21.1 |
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315.0 |
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385.7 |
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Income (Loss) from Discontinued Operations, net of tax |
0.5 |
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(46.4 |
) |
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32.3 |
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(5.1 |
) |
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(18.7 |
) |
NET INCOME (LOSS) ATTRIBUTABLE TO CLIFFS SHAREHOLDERS |
$ |
(28.1 |
) |
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$ |
31.8 |
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$ |
53.4 |
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$ |
309.9 |
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$ |
367.0 |
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Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Basic: |
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Continuing Operations |
$ |
(0.11 |
) |
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$ |
0.26 |
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$ |
0.07 |
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$ |
1.06 |
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$ |
1.34 |
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Discontinued Operations |
— |
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|
(0.16 |
) |
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0.11 |
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(0.02 |
) |
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(0.06 |
) |
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$ |
(0.11 |
) |
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$ |
0.10 |
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$ |
0.18 |
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$ |
1.04 |
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$ |
1.28 |
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Earnings (Loss) per Common Share Attributable to
Cliffs Common Shareholders - Diluted: |
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Continuing Operations |
$ |
(0.11 |
) |
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$ |
0.26 |
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$ |
0.07 |
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$ |
1.05 |
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$ |
1.32 |
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Discontinued Operations |
— |
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(0.15 |
) |
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0.11 |
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(0.02 |
) |
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(0.06 |
) |
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$ |
(0.11 |
) |
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$ |
0.11 |
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$ |
0.18 |
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$ |
1.03 |
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$ |
1.26 |
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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.
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(In Millions, Except Per Share Amounts) |
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2016 |
Quarters |
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First |
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Second |
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Third |
|
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 excludes 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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