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Net Income dropped almost 80% in a year, from $438 million in Q3 2018 to $91 million in Q3 2019
CLF's stock responded with a 5% decline on their earnings announcement
As detailed in the chart to the right, the $347 million decrease in Net Income can be attributed to:$186 million decrease in Total Revenue$161 million increase in Total Expenses
Change in Net Income
(A) Revenues decreased by $186.2 million or 25%, from $741.8M in Q3’18 to $555.6M in Q3’19
Lower revenue was primarily driven by decreased in product revenue, led by decline in realized iron ore and pellet prices in line with global prices, as slowing demand from China has adversely affected pricing. Additionally, freight revenue also saw a marginal decline
As detailed in the chart to the right, the $186.2 million decrease in Total Revenue can be attributed to:
$169.7 million decrease in Product (pellet) Revenue$16.5 million decrease in Freight Revenue
Change in Total Revenues
(a) Change in Product (pellet) revenues contributed about 91% of the total decrease in CLF's revenue in Q3'19
To understand CLF's business model and revenue expectations, refer to our interactive dashboard - Cleveland-Cliffs' Revenues: How does CLF make money?
Pellet Tons Sold
Realized price per ton
(B) Total Expenses increased by 160.7M or 53% from $304M in Q3'18 to $464.7M in Q3'19
As detailed in the chart to the right, the $160.7 million increase in Total Expenses can be attributed to:$238.9M decrease in income from discontinued operations
$4.3M increase in tax provision$0.2M decrease in interest and other expenses$2.8M decrease in SG&A and other operating expenses$79.5M decrease in cost of goods sold
Change in Total Expenses
(b) More than a 100% decrease in Income from Discontinued Operations and higher tax provision were the major contributors to the increase in total expenses
Loss / (Income) from Discontinued Operations
CLF recorded an income of $238 million from discontinued operations, as it sold and exited its Asia Pacific operations in 2018. In contrast, the company recorded a loss of $0.9 million from discontinued operations, thus hitting the bottom line by $238.9 million.
Tax provision saw an increase of $4.3 million in Q3 2019, driven by reduction in tax credit for the quarter.