Cliff Natural Resources (NYSE:CLF) has cut its full year coal sales forecast and missed the third quarter profit that analysts had estimated. However that does not mean that the company is not doing well. The Cleveland based company is the largest producer of iron ore in North America.
It has reduced its coal production projection from 3.9 million tons to 3.6 million tons due to adverse geological conditions at some of its North American mines. The net income of the company had risen five times to $297.4 million from $58.8 million a year ago.
The company also saw its sales double from $666.4 million to $1.35 billion. Gross margin climbed to 35.4%, from 15.5%.
Joseph A. Carrabba, the chairman, president and chief executive officer of Cliff Natural Resources, said that the continued strategic efforts to increase the business' exposure to seaborne markets had contributed to another record breaking quarter.