Cleveland-Cliffs (CLF) Misses Q1 EPS by 4c

Cleveland-Cliffs (NYSE: CLF) reported Q1 EPS of $0.18, $0.04 worse than the analyst estimate of $0.22. Revenue for the quarter came in at $5.2 billion versus the consensus estimate of $5.35 billion.

Outlook

The Company maintained all of its previously guided expectations for the full-year 2024, including:

• Steel shipment volumes of 16.5 million net tons;
• Year-over-year 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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