Cleveland-Cliffs Inc. CLF reported net earnings (attributable to shareholders) of $165.1 million or 55 cents per share in second-quarter 2018 compared with net earnings of $31.8 million or 10 cents in the prior-year quarter.Adjusted earnings for the quarter came in at 76 cents per share, which beat the Zacks Consensus Estimate of 56 cents.Cleveland-Cliffs posted second-quarter consolidated revenues of $714.3 million, up 51.6% year over year. The figure beat the Zacks Consensus Estimate of $629.2 million.Cleveland-Cliffs Inc. Price, Consensus and EPS Surprise Cleveland-Cliffs Inc. Price, Consensus and EPS Surprise | Cleveland-Cliffs Inc. QuoteU.S. Iron Ore ResultsU.S. Iron Ore pellet sales volume was 6 million long tons in the second quarter, up roughly 38% year over year. The upside was mainly driven by increased customer demand and adaptation of the new revenue recognition accounting standard.Realized revenues per ton improved 16% year over year to $112.60, mainly driven by increased steel pricing and pellet premiums.Cash cost of goods sold and operating expense per long ton increased to $62.32 compared with $59.30 per long ton in the year-ago quarter. The increase was driven by higher costs related to energy rates, product mix, employee-related expenses, repairs and royalties.Financial PositionCleveland-Cliffs had $802.5 million of cash and cash equivalents as of Jun 30, 2018 compared with $321.5 million as of Jun 30, 2017.Long-term debt was $2,297 million as of Jun 30, 2018 compared with $1,611.8 million as of Jun 30, 2017.OutlookFor 2018, Cleveland-Cliffs has increased U.S. Iron Ore volume expectation to 21 million long tons. Production volume expectation remains unchanged at 20 million tons.The company maintained that it anticipates full-year selling, general and administrative (SG&A) expenses to be around $115 million, of which roughly $20 million is non-cash.Cleveland-Cliffs lowered capital expenditure expectation for the Toledo HBI Project for this year to $200 million due to further development and refined timing of the project spending plan. The company has reduced sustaining capital expectation by $10 million to $75 million for 2018 while Northshore Mine upgrade spending expectation is unchanged at $50 million.Price PerformanceCleveland-Cliffs’ shares have gained 14.5% in the last three months against the industry’s 2.2% decline.Zacks Rank & Other Stocks to ConsiderCleveland-Cliffs currently sports a Zacks Rank #1 (Strong Buy).A few other top-ranked stocks in the basic materials space are KMG Chemicals, Inc. KMG, Methanex Corporation MEOH and BHP Billiton Limited BHP, each flaunting a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.KMG Chemicals has an expected long-term earnings growth rate of 28.5%. Its shares have returned 48.4% in a year.Methanex has an expected long-term earnings growth rate of 15%. Its shares have rallied 53.1% in a year.BHP Billiton has an expected long-term earnings growth rate of 5.3%. Its shares have gained 24.9% in a year.Will You Make a Fortune on the Shift to Electric Cars?Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.It's not the one you think.See This Ticker Free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Methanex Corporation (MEOH): Free Stock Analysis Report KMG Chemicals, Inc. (KMG): Free Stock Analysis Report Cleveland-Cliffs Inc. (CLF): Free Stock Analysis Report BHP Billiton Limited (BHP): Free Stock Analysis Report To read this article on Zacks.com click here. Zacks Investment Research