Cleveland-Cliffs (CLF) Q2 Earnings & Sales Beat Estimates
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.
Cleveland-Cliffs’ adjusted earnings were 76 cents per share for the second quarter, which comfortably surpassed the Zacks Consensus Estimate of 56 cents.
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.
Cleveland-Cliffs currently sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
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!
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