NEW YORK, Feb 17 (Reuters) - Shares of Cliffs Natural Resources Inc (CLF.N) rose 8 percent on Thursday after the iron ore and coal miner’s quarterly profit beat Wall Street estimates.
The company said late on Wednesday that fourth-quarter net earnings were $384 million, or $2.82 per share, compared with $108 million, or 82 cents per share, in the quarter a year earlier. That was well above analysts’ estimate of $2.16, according to Thomson Reuters I/B/E/S.
The Cleveland-based company said the growth stemmed from Cliffs’ move to increase exposure to global pricing, which was a big part of the strategy behind its pending $4 billion acquisition of Canada’s Consolidated Thompson Iron Mines Ltd CLM.TO.
In early trading on the New York Stock Exchange on Thursday, Cliffs stock was 8 percent higher at $100.26. (Reporting by Steve James, editing by Gerald E. McCormick)