Cleveland-Cliffs (NYSE:CLF) Third Quarter 2022 Results
Key Financial Results
Revenue: US$5.65b (down 5.8% from 3Q 2021).
Net income: US$152.0m (down 88% from 3Q 2021).
Profit margin: 2.7% (down from 21% in 3Q 2021). The decrease in margin was primarily driven by higher expenses.
EPS: US$0.29 (down from US$2.46 in 3Q 2021).
All figures shown in the chart above are for the trailing 12 month (TTM) period
Cleveland-Cliffs Revenues and Earnings Miss Expectations
Revenue missed analyst estimates by 2.4%. Earnings per share (EPS) also missed analyst estimates by 36%.
Looking ahead, revenue is forecast to decline by 11% p.a. on average during the next 3 years, while revenues in the Metals and Mining industry in the US are expected to remain flat.
The company's shares are up 4.8% from a week ago.
We should say that we've discovered 3 warning signs for Cleveland-Cliffs (1 can't be ignored!) that you should be aware of before investing here.
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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.
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