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Cleveland-Cliffs Third Quarter 2022 Earnings: Misses Expectations

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).

earnings-and-revenue-history
earnings-and-revenue-history

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.

Performance of the American Metals and Mining industry.

The company's shares are up 4.8% from a week ago.

Risk Analysis

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.

Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) simplywallst.com.

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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