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NOTE 20 - 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) |
2019 |
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 |
$ |
157.0 |
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$ |
743.2 |
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$ |
555.6 |
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$ |
534.1 |
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$ |
1,989.9 |
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Sales margin |
30.9 |
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263.0 |
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154.9 |
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126.9 |
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575.7 |
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Net income (loss) from continuing operations attributable to Cliffs shareholders |
$ |
(22.1 |
) |
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$ |
161.4 |
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$ |
91.8 |
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$ |
63.4 |
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$ |
294.5 |
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Loss from discontinued operations, net of tax |
— |
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(0.6 |
) |
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(0.9 |
) |
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(0.2 |
) |
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(1.7 |
) |
Net income (loss) attributable to Cliffs common shareholders |
$ |
(22.1 |
) |
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$ |
160.8 |
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$ |
90.9 |
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$ |
63.2 |
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$ |
292.8 |
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Earnings (loss) per common share attributable to
Cliffs common shareholders - basic: |
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Continuing operations |
$ |
(0.08 |
) |
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$ |
0.59 |
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$ |
0.34 |
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$ |
0.23 |
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$ |
1.07 |
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Discontinued operations |
— |
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— |
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— |
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— |
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(0.01 |
) |
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$ |
(0.08 |
) |
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$ |
0.59 |
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$ |
0.34 |
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$ |
0.23 |
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$ |
1.06 |
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Earnings (loss) per common share attributable to
Cliffs common shareholders - diluted: |
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Continuing operations |
$ |
(0.08 |
) |
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$ |
0.57 |
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$ |
0.33 |
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$ |
0.23 |
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$ |
1.04 |
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Discontinued operations |
— |
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— |
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— |
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— |
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(0.01 |
) |
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$ |
(0.08 |
) |
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$ |
0.57 |
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$ |
0.33 |
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$ |
0.23 |
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$ |
1.03 |
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The diluted earnings per share calculation for the first quarter of 2019 excludes equity plan awards of 4.2 million and convertible senior notes awards of 7.3 million that were anti-dilutive.
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(In Millions, Except Per Share Amounts) |
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2018 |
Quarters |
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|
First |
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Second |
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Third |
|
Fourth |
|
Year |
Revenues from product sales and services |
$ |
180.0 |
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$ |
714.3 |
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$ |
741.8 |
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$ |
696.3 |
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$ |
2,332.4 |
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Sales margin |
61.5 |
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284.5 |
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261.6 |
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202.0 |
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809.6 |
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Net income (loss) from continuing operations attributable to Cliffs shareholders |
$ |
(13.4 |
) |
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$ |
229.4 |
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$ |
199.8 |
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$ |
624.1 |
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$ |
1,039.9 |
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Income (loss) from discontinued operations, net of tax |
(70.9 |
) |
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(64.3 |
) |
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238.0 |
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(14.6 |
) |
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88.2 |
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Net income (loss) attributable to Cliffs common shareholders |
$ |
(84.3 |
) |
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$ |
165.1 |
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$ |
437.8 |
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$ |
609.5 |
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$ |
1,128.1 |
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Earnings (loss) per common share attributable to
Cliffs common shareholders - basic: |
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Continuing operations |
$ |
(0.05 |
) |
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$ |
0.77 |
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$ |
0.67 |
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$ |
2.11 |
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$ |
3.50 |
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Discontinued operations |
(0.24 |
) |
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(0.22 |
) |
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0.80 |
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(0.05 |
) |
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0.30 |
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$ |
(0.29 |
) |
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$ |
0.55 |
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$ |
1.47 |
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$ |
2.06 |
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$ |
3.80 |
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Earnings (loss) per common share attributable to
Cliffs common shareholders - diluted: |
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Continuing operations |
$ |
(0.05 |
) |
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$ |
0.76 |
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$ |
0.64 |
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$ |
2.03 |
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$ |
3.42 |
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Discontinued operations |
(0.24 |
) |
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(0.21 |
) |
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0.77 |
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(0.05 |
) |
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0.29 |
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$ |
(0.29 |
) |
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$ |
0.55 |
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$ |
1.41 |
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$ |
1.98 |
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$ |
3.71 |
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Net income (loss) from continuing operations attributable to Cliffs shareholders increased during the three months ended December 31, 2018, relative to the preceding three quarters, due primarily to the release of the deferred tax valuation allowance in the U.S. of $460.5 million.
The diluted earnings per share calculation for the first quarter of 2018 excludes equity plan awards of 3.8 million that were anti-dilutive.
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