Cleveland-Cliffs Inc.’s (CLF) third-quarter 2024 adjusted loss was 33 cents per share. This compares unfavorably with adjusted earnings of 54 cents in the prior-year quarter. Loss per share was wider than the Zacks Consensus Estimate of a loss of 31 cents.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.Revenues fell 18.5% to $4,569 million in the quarter from the year-ago quarter. The top line missed the Zacks Consensus Estimate of $4,754.4 million.CLF’s Operational HighlightsThe comp ...

With just one subscription to Beyond the Wall Investing , you can save thousands of dollars a year on equity research reports from banks. You'll keep your finger on the pulse and have access to the latest and highest-quality analysis of this type of information.I've been covering Cleveland-Cliffs Inc. (NYSE: CLF ) stock since June 2021, and all along I've been bullish on the stock for many reasons. The last time - in July 2024 - I argued that CLF's EBITDA growth should continue dueHe leads the investing gro ...

Cleveland-Cliffs (CLF) reported $4.57 billion in revenue for the quarter ended September 2024, representing a year-over-year decline of 18.5%. EPS of -$0.33 for the same period compares to $0.54 a year ago.The reported revenue compares to the Zacks Consensus Estimate of $4.75 billion, representing a surprise of -3.90%. The company delivered an EPS surprise of -6.45%, with the consensus EPS estimate being -$0.31.While investors closely watch year-over-year changes in headline numbers -- revenue and earnings ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 | --- | --- | |----------------------------------------------------------------------------|-----------------------------------| | For the transition period from to . | | | Commi ...

About this content About Angela Harmantas Angela Harmantas is an Editor at Proactive. She has over 15 years of experience covering the equity markets in North America, with a particular focus on junior resource stocks. Angela has reported from numerous countries around the world, including Canada, the US, Australia, Brazil, Ghana, and South Africa for leading trade publications. Previously, she worked in investor relations and led the foreign direct investment program in Canada for the Swedish government ...

The auto sector is hurting Cleveland-Cliffs right now.Cleveland-Cliffs (CLF -9.23%) stock is getting tossed into the scrap pile today. The steelmaker reported third-quarter earnings last night, and results came up short of expectations. Analysts expected the company to report a loss, but its adjusted loss of $0.33 per share was worse than expected.Revenue also came up short, and investors knocked the stock lower by 9% as of 11:10 a.m. ET. Cliffs also announced that it closed the acquisition of Canadian stee ...

| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | |-------|-------|-------|-----------------------|------------------------------------------|-------|---------------------------------------------------|-------|-------|-------| | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | | CLEVELAND-CLIFFS INC. | Third-Quarter 2024 Earnings Presentation | | November 4, 2024 | | | | | | | | | | | © 2024 Cleveland-Cliffs Inc. All Rights Reserved. | | | | FORWARD-LOO ...

Cleveland-Cliffs Inc. (NYSE:CLF) Q3 2024 Earnings Conference Call November 4, 2024 8:30 AM ET Company Participants Lourenco Goncalves - Chairman, President & CEO Celso Goncalves - EVP & CFO Conference Call Participants Lucas Pipes - B. Riley Securities Lawson Winder - Bank of America Carlos De Alba - Morgan Stanley William Peterson - JPMorgan Alexander Hacking - Citigroup Chris LaFemina - Jefferies Philip Gibbs - KeyBanc Capital Markets Operator Good morning, ladies and gentlemen. My name is Darryl, and I’m ...

Cleveland-Cliffs Inc (NYSE:CLF) stock is plummeting today, down 11.3% at $11.63 at last glance, after the company's disappointing third-quarter report. The steel giant posted losses of 33 cents per share, larger than analysts' anticipated losses of 31 cents per share, and revenue below expectations. Headed for its largest single-day percentage loss since a 14.7% drop in February of 2021, the stock is on the short sell restricted (SSR) list today amid the volatility. Prior to today's gap lower, the shares we ...

Financial Data and Key Metrics Changes - The company reported an adjusted EBITDA of $124 million on shipments of 3.8 million tons during Q3, impacted by weaker steel demand and pricing [11] - Average selling prices fell by $80 per ton, and shipments decreased by 150,000 tons compared to the prior quarter [12] - Unit costs were reduced by over $40 per ton, exceeding previous guidance [13] Business Line Data and Key Metrics Changes - The automotive segment experienced the lowest build rates since the semiconductor shortage, with only 3.75 million units built in Q3, leading to decreased shipments and margins [11] - The non-automotive business also faced continued weakness in demand and pricing across flat rolled and plate products [12] Market Data and Key Metrics Changes - North American automotive build expectations for the year were revised down to approximately 15.5 million units, about 1 million less than previous estimates [11] - The company temporarily idled one blast furnace, reducing annual capacity by about 1.5 million net tons, due to reduced order activity [12] Company Strategy and Development Direction - The acquisition of Stelco is expected to enhance the overall EBITDA margin and improve the cost structure, allowing the company to better serve non-automotive markets [7][10] - The company plans to prioritize debt repayment over share repurchases following the acquisition of Stelco [15] - Strategic projects at Middletown, Butler, and Weirton are progressing well, with Phase 1 funding approvals received [18] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism for a strong 2025, citing factors such as falling interest rates, election certainty, and manufacturing onshoring [20] - The current demand weakness is attributed to high interest rates affecting consumer purchasing decisions [67][70] - Management anticipates a recovery in demand as economic conditions improve and trade protections are potentially strengthened [94] Other Important Information - The company achieved significant cost savings, with quarterly SG&A of $112 million and capital spending of $151 million remaining below historical averages [13] - The company expects to generate $120 million in cost synergies within the first year post-Stelco acquisition [10][103] Q&A Session Summary Question: Q4 volume price and cost expectations - Management anticipates a strong Q1 with volumes returning to normal by the first half of next year, driven by improved customer order activity [25] Question: CapEx guidance for 2025 - The company has reduced CapEx guidance to $600 million for 2025, reflecting lower needs across the footprint and updated estimates for strategic projects [14][36] Question: Cost savings potential heading into Q4 - While significant cost savings were achieved in Q3, similar reductions are not expected in Q4 due to the idling of the Cleveland 6 blast furnace [46] Question: Current contracting cycle and pricing - Pricing for the October contracts is expected to be stable, with some flexibility required to avoid price dumping from foreign competitors [48] Question: Impact of high interest rates on demand - High interest rates are significantly affecting consumer purchasing decisions, leading to reduced demand in both automotive and housing markets [67][70] Question: Synergies from Stelco acquisition - The company is confident in achieving $120 million in synergies within the first year, with potential for higher estimates in future calls [103][106]