U.S. Markets close in 6 hrs 14 mins

Cleveland-Cliffs (CLF) Q2 Earnings & Sales Beat Estimates

Zacks Equity Research
1 / 2

Cleveland-Cliffs (CLF) Q2 Earnings & Sales Beat Estimates

Cleveland-Cliffs' (CLF) Q2 adjusted earnings of 76 cents per share beat the Zacks Consensus Estimate of 56 cents.

Cleveland-Cliffs Inc. CLF is a leading mining and natural resources company. It is one of the largest producer of iron ore pellets in North America.

Earnings

Cleveland-Cliffs’ adjusted earnings were 76 cents per share for the second quarter, which comfortably surpassed the Zacks Consensus Estimate of 56 cents.

Revenues

Cleveland-Cliffs posted second-quarter consolidated revenues of $714.3 million, up 51.6% year over year. The figure beat the Zacks Consensus Estimate of $629.2 million.

Cleveland-Cliffs Inc. Price and EPS Surprise

Cleveland-Cliffs Inc. Price and EPS Surprise | Cleveland-Cliffs Inc. Quote


Estimate Trend & Surprise History

Investors should note that the earnings estimate for Cleveland-Cliffs for the second quarter has been going up over the last month. Cleveland-Cliffs has beaten the Zacks Consensus Estimate in all of the trailing four quarters with an average beat of 49.9%.

Key Stats/Developments to Note

For 2018, Cleveland-Cliffs has increased U.S. Iron Ore volume expectation to 21 million long tons. Production volume expectation remains unchanged at 20 million tons.

The company maintained that it anticipates full-year selling, general and administrative (SG&A) expenses to be around $115 million, of which roughly $20 million is non-cash.

Cleveland-Cliffs reduced capital expenditure expectation for the Toledo HBI Project for this year to $200 million due to further development and refined timing of the project spending plan. The company has reduced sustaining capital expectation by $10 million to $75 million for 2018 while Northshore Mine upgrade spending expectation is kept unchanged at $50 million.
 
Zacks Rank

Cleveland-Cliffs currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

Market Reaction

Cleveland-Cliffs’ shares were up roughly 6.1% following the release. It would be interesting to see how the market reacts to the results during the trading session today.

Check back later for our full write up on Cleveland-Cliffs’ earnings report!

Will You Make a Fortune on the Shift to Electric Cars?

Here's another stock idea to consider. Much like petroleum 150 years ago, lithium power may soon shake the world, creating millionaires and reshaping geo-politics. Soon electric vehicles (EVs) may be cheaper than gas guzzlers. Some are already reaching 265 miles on a single charge.

With battery prices plummeting and charging stations set to multiply, one company stands out as the #1 stock to buy according to Zacks research.

It's not the one you think.

See This Ticker Free >>
 


Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report
 
Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report
 
To read this article on Zacks.com click here.
 
Zacks Investment Research