UPDATE 1-Iron ore, coal producer Cliffs posts higher profit

Wed Jul 28, 2010 5:38pm EDT

* Q2 EPS $1.92 vs year-ago EPS 36 cents

* Q2 revenue triples to $1.18 billion

* Shares down slightly in extended trade

NEW YORK, July 28 (Reuters) - Iron ore and coal producer Cliffs Natural Resources Inc (CLF.N) on Wednesday posted a higher second-quarter profit helped by an increase in sales volume and prices.

Net income for the quarter was $260.7 million, or $1.92 per share, compared with $45.5 million, or 36 cents per share, last year.

Analysts were looking for earnings of $2.06 a share according to Thomson Reuters I/B/E/S.

Revenue at the Cleveland-based company tripled to $1.18 billion, but fell short of analyst estimates of $1.21 billion.

The company also raised its forecast for full-year Asia Pacific iron ore sales, but maintained its North American iron ore and coal sales outlook for the period.

Shares of the company were down about 1 percent at $53.75 in after-market trade, extending a 2 percent drop in regular trade. The stock is so far off nearly 30 percent from an April year-high.

(Reporting by Adveith Nair; editing by Bernard Orr)