Cleveland-Cliffs (CLF) Misses Q4 EPS by 3c, offers outlook

Cleveland-Cliffs (NYSE: CLF) reported Q4 EPS of ($0.05), $0.03 worse than the analyst estimate of ($0.02). Revenue for the quarter came in at $5.11 billion versus the consensus estimate of $5.16 billion.

Outlook

The Company put forth the following expectations for the full-year 2024:

Steel shipment volumes of 16.5 million net tons, compared to 16.4 million net tons in 2023;
Steel unit cost reductions of approximately $30 per net ton, corresponding to an approximate $500 million Adjusted EBITDA benefit compared to 2023; and
Capital expenditures of $675 to $725 million.

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

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