Cleveland-Cliffs Reports First-Quarter 2021 Results and Increases Guidance for Full-Year 2021 Adjusted EBITDA to $4 Billion
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Cleveland-Cliffs (CLF) Tops Q1 EPS by 1c, Revs Miss; Raises FY21 EBITDA Guidance
April 22, 2021 7:03 AM EDTCleveland-Cliffs (NYSE: CLF) reported Q1 EPS of $0.35, $0.01 better than the analyst estimate of $0.34. Revenue for the quarter came in at $4 billion versus the consensus estimate of $4.22 billion.
The Company has increased its full-year 2021 adjusted EBITDA2 guidance to approximately $4.0 billion, up $500 million from its previous guidance of approximately $3.5 billion. The full-year revision is based on better-than-expected contractual renewals and the assumption that the US HRC index price averages $1,100 per net ton for the last nine months of the year. The Company's second-quarter... More
