Cleveland-Cliffs (CLF) Tops Q1 EPS by 5c

Cleveland-Cliffs (NYSE: CLF) reported Q1 EPS of ($0.08), $0.05 better than the analyst estimate of ($0.13). Revenue for the quarter came in at $157 million versus the consensus estimate of $127.58 million.

Company reported adjusted EBITDA1 of $21 million, compared to the prior year's first quarter adjusted EBITDA1 of $52 million.

ther Outlook

Cliffs' full-year 2019 SG&A expense expectation of $120 million is being maintained. Cliffs also notes that of the $120 million expectation, approximately $20 million is considered non-cash. The Company's full-year 2019 net interest expense expectation is maintained at $100 million. Full-year 2019 depreciation, depletion and amortization is expected to be approximately $80 million.

Based on refined projections, the Company’s 2019 effective tax rate is now expected to be approximately 12-14 percent. Due to the Company's NOL position, its cash tax payments are still expected to be zero. Cliffs also expects to receive $117 million in cash tax refunds during the second quarter of 2019, which is earlier than previously expected.

Cliffs total capital expenditures expectation of approximately $555 million (including capitalized interest) for the year 2019 is maintained.

For earnings history and earnings-related data on Cleveland-Cliffs (CLF) click here.

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