NOTE 21 - 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)1
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2018 |
Quarters |
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First |
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Second |
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Third |
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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 |
) |
|
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 |
) |
|
(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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1 On January 1, 2018, we adopted Topic 606 and applied it to all contracts that were not completed using the modified retrospective method. The comparative period information has not been retrospectively revised and continues to be reported under the accounting standards in effect for those periods. Refer to NOTE 2 - NEW ACCOUNTING STANDARDS for information regarding the adoption of Topic 606.
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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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(In Millions, Except Per Share Amounts) |
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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 |
$ |
286.2 |
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$ |
471.3 |
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$ |
596.7 |
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$ |
511.8 |
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$ |
1,866.0 |
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Sales margin |
49.0 |
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|
144.7 |
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157.8 |
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116.1 |
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|
467.6 |
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Income (loss) from continuing operations |
$ |
(78.5 |
) |
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$ |
83.8 |
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$ |
22.3 |
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$ |
333.0 |
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$ |
360.6 |
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Loss (income) 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 |
$ |
(76.8 |
) |
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$ |
85.5 |
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$ |
22.8 |
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$ |
333.0 |
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$ |
364.5 |
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Income (loss) from discontinued operations, net of tax |
48.7 |
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(53.7 |
) |
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30.6 |
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(23.1 |
) |
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2.5 |
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Net income (loss) attributable to Cliffs common 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 |
$ |
(0.29 |
) |
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$ |
0.28 |
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$ |
0.08 |
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$ |
1.12 |
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$ |
1.27 |
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Discontinued operations |
0.18 |
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(0.18 |
) |
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0.10 |
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(0.08 |
) |
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0.01 |
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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 |
$ |
(0.29 |
) |
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$ |
0.28 |
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$ |
0.08 |
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$ |
1.11 |
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$ |
1.25 |
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Discontinued operations |
0.18 |
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(0.18 |
) |
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0.10 |
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(0.08 |
) |
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0.01 |
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$ |
(0.11 |
) |
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$ |
0.10 |
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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.
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