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Cleveland-Cliffs Inc. (CLF - Free Report) is a leading mining and natural resources company. It is one of the largest producer of iron ore pellets in North America.
Earnings
Cleveland-Cliffs’ adjusted loss were 8 cents per share for the first quarter, narrower than the Zacks Consensus Estimate of a loss of 21 cents.
Revenues
Cleveland-Cliffs posted first-quarter consolidated revenues of $239 million, down 48.3% year over year. The figure beat the Zacks Consensus Estimate of $197.1 million.
Investors should note that the earnings estimate for Cleveland-Cliffs for the first quarter has been going down over the last month. Cleveland-Cliffs has beaten the Zacks Consensus Estimate in three of the trailing four quarters while missed once, with an average miss of 7.8%.
Key Stats/Developments to Note
For 2018, Cleveland-Cliffs projects sales and production volume for U.S. Iron Ore unit to be 20.5 million long tons and 20 million tons, respectively.
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 expects to spend $225 million for the Toledo HBI Project this year, which was reduced by $25 million due to further development and refined timing of the project spending plan. The company has maintained sustaining capital expectation of $85 million in 2018 and Northshore Mine upgrade spending expectation of $50 million.
Cleveland-Cliffs’ shares were up roughly 1.7% following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Cleveland-Cliffs’ earnings report!
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Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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Cleveland-Cliffs (CLF) Q1 Earnings & Sales Beat Estimates
Cleveland-Cliffs Inc. (CLF - Free Report) is a leading mining and natural resources company. It is one of the largest producer of iron ore pellets in North America.
Earnings
Cleveland-Cliffs’ adjusted loss were 8 cents per share for the first quarter, narrower than the Zacks Consensus Estimate of a loss of 21 cents.
Revenues
Cleveland-Cliffs posted first-quarter consolidated revenues of $239 million, down 48.3% year over year. The figure beat the Zacks Consensus Estimate of $197.1 million.
Cleveland-Cliffs Inc. Price and EPS Surprise
Cleveland-Cliffs Inc. Price and EPS Surprise | Cleveland-Cliffs Inc. Quote
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Cleveland-Cliffs for the first quarter has been going down over the last month. Cleveland-Cliffs has beaten the Zacks Consensus Estimate in three of the trailing four quarters while missed once, with an average miss of 7.8%.
Key Stats/Developments to Note
For 2018, Cleveland-Cliffs projects sales and production volume for U.S. Iron Ore unit to be 20.5 million long tons and 20 million tons, respectively.
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 expects to spend $225 million for the Toledo HBI Project this year, which was reduced by $25 million due to further development and refined timing of the project spending plan. The company has maintained sustaining capital expectation of $85 million in 2018 and Northshore Mine upgrade spending expectation of $50 million.
Zacks Rank
Cleveland-Cliffs currently has a Zacks Rank #3 (Hold), but that could change following its earnings report which has just released. Meanwhile, you can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Market Reaction
Cleveland-Cliffs’ shares were up roughly 1.7% following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Cleveland-Cliffs’ earnings report!
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
Click for details >>