On Friday, Shares of Cliffs Natural Resources Inc (NYSE:CLF), gained 3.37% to $2.76.
Cliffs Natural Resources Inc., stated third-quarter results for the period ended September 30, 2015. Third-quarter 2015 merged revenues of $593 million reduced 39 percent from the preceding year’s third-quarter revenues of $980 million. Cost of goods sold reduced by 26 percent to $538 million contrast to $724 million stated in the third quarter of 2014.
For the third quarter of 2015, the Company recorded net income of $6 million contrast to a net loss of $6.9 billion recorded in the preceding-year quarter. The Company recorded a net loss attributable to Cliffs’ common shareholders of $15 million, or $0.10 per diluted share, contrast to a net loss attributable to Cliffs’ common shareholders of $5.9 billion, or $38.49 per diluted share recorded in the third quarter of 2014.
Lourenco Goncalves, Cliffs’ Chairman, President and Chief Executive Officer, said, “Our performance this past quarter illustrates how far we have come in our turnaround story. We have been able to deliver noteworthy cost reductions in all areas of the business through disciplined execution of the strategy instituted last year.” Mr. Goncalves added, “We expect the domestic steel market to improve in 2016 as trade actions reduce the pressure of imports and firm up steel pricing. Our solid cost position coupled with stronger demand from the mills should drive better profitability for Cliffs.”
Cliffs Natural Resources Inc., a mining and natural resources company, produces iron ore and metallurgical coal. It operates five iron ore mines that produces iron ore pellets in Michigan and Minnesota; Koolyanobbing complex situated in northeast of the town of Southern Cross, which produces lump and fines iron ore; and two metallurgical coal mines located in Alabama and West Virginia.
Shares of Lattice Semiconductor (NASDAQ:LSCC), inclined 2.92% to $4.58, during its last trading session.
Lattice Semiconductor Corporation, declared financial results recently for the fiscal third quarter ended October 3, 2015.
The Company stated revenues on a GAAP basis for the third quarter of 2015 of $109.7 million, which was up 3.1% sequentially, as contrast to the second quarter 2015 revenue of $106.5 million, and was up 26.7%, as contrast to the third quarter 2014 revenue of $86.6 million. Revenue for the third quarter of 2015 was $110.1 million on a non-GAAP basis. Gross margin on a GAAP basis was 54.5% for the third quarter of 2015, as contrast to second quarter of 2015 gross margin of 54.6% and 58.7% for the third quarter of 2014. Gross margin for the third quarter of 2015 was 55.7% on a non-GAAP basis. Total operating expenses for the third quarter of 2015 were $57.6 million on a non-GAAP basis.
Net loss for the third quarter on a GAAP basis was $24.9 million ($0.21 per basic and diluted share), and a net loss on a non-GAAP basis of $5.2 million ($0.04 per basic and diluted share) for the third quarter of 2015. GAAP results for the third quarter of 2015 reflect $6.8 million in restructuring costs, $0.6 million in acquisition related charges, a $0.3 million tax provision, $8.9 million in amortization of attained intangible assets and $4.2 million in stock-based compensation expense. This compares to a net loss on a GAAP basis in the preceding quarter of $35.7 million ($0.30 per basic and diluted share), with a net loss on a non-GAAP basis of $8.6 million ($0.07 per basic and diluted share), and compares to net income on a GAAP basis in the year ago period of $9.4 million ($0.08 per basic and diluted share), or $14.0 million ($0.12 per basic and diluted share) on a non-GAAP basis. GAAP results for the second quarter of 2015 reflect $4.1 million in restructuring costs, $3.3 million in acquisition related charges, a $4.1 million tax provision, $8.9 million in amortization of attained intangible assets and $5.0 million in stock-based compensation expense.
Lattice Semiconductor Corporation designs, develops, and markets programmable logic products and related software in Asia, Europe, and the Americas. It offers products based on field programmable gate arrays (FPGAs) and complex programmable logic devices (CPLDs) architectures.
Finally, Shares of Apache Corporation (NYSE:APA), ended its last trade with 1.18% gain, and closed at $47.13.
Apache Corporation, declared noteworthy discoveries on two exploration wells in the Beryl area of the U.K. North Sea. The company also drilled two noteworthy development wells in the Beryl area, from which no reserves have been formerly booked. Additionally, Apache declared a large discovery at its Seagull prospect, which lies about 50 miles south of the company’s Forties Field, the largest oil field in the U.K. North Sea.
The K and Corona wells are the first exploratory prospects drilled by Apache in the Beryl area. Each discovery proves a separate geologic concept that assists to de-risk additional drilling locations. Apache estimates the K and Corona discoveries, combined with the success at Seagull, represent likely net recoverable reserves of 50 million to more than 70 million barrels of oil equivalent (MMboe). Future appraisal drilling will enable the company to further define the upside potential beyond 70 MMboe. Apache’s proved reserves in the North Sea at yearend 2014 were about 140 MMboe.
“Apache’s exploration program in the high-potential Beryl area is off to an exceptional start. The success of our first two exploration wells at Beryl, combined with the Seagull discovery, could improvement our total North Sea proved reserve base by more than 50 percent. Importantly, results obtained from the wells declared recently emphasize the quality of our seismic surveys and the accuracy of our geologic model in the Beryl area,” Thomas E. Voytovich, Apache’s executive vice president – International and Offshore and E&P Technology, said. “Our large discovery at Seagull will likely have a longer investment time-horizon as it may require dedicated production facilities, but it is predictable to have a very meaningful impact on Apache’s medium- and long-term production in the region. We look forward to discussing the economics and details of these discoveries, together with a review of our extensive North Sea prospect inventory during our North Sea Region webcast Nov. 17.”
Apache Corporation, an independent energy company, explores, develops, and produces natural gas, crude oil, and natural gas liquids. It operates onshore and offshore assets primarily in the Permian Basin, the Anadarko basin in western Oklahoma, and the Texas Panhandle, Gulf Coast areas of the United States, in addition to in Western Canada.