Cleveland-Cliffs, Nucor, Whirlpool, F5: Earnings results

Cleveland-Cliffs (CLF) reported fourth-quarter results that met revenue expectations and narrowed losses, aided by cooling costs in the steel industry.

Nucor Corporation (NUE) shares rose after the steelmaker beat fourth-quarter sales and earnings estimates. Nucor also issued upbeat first-quarter guidance, forecasting higher earnings as average selling prices increase.

Whirlpool (WHR) posted disappointing fourth-quarter results, delivering 2024 revenue expectations of $16.9 billion, below Wall Street expectations.

Meanwhile, F5 Networks (FFIV) shares climbed after the tech company topped first-quarter estimates on both revenue and earnings. F5 also provided a better-than-expected second-quarter revenue outlook.

For more expert insight and the latest market action, click here to watch this full episode of Yahoo Finance Live.

Editor's note: This article was written by Angel Smith

Video Transcript

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JULIE HYMAN: Let's take a look at some of the trending tickers after-hours, the companies that reported their earnings after the close of trading. We'll start with Cleveland-Cliffs. The company reported its fourth quarter results. The steel company reporting revenue fairly in line with estimates, losses narrowing compared to the year prior.

Company also forecast first quarter adjusted EBITDA meaningfully exceeded that of the fourth quarter. The company says that steel unit cost reductions will be seen of about $30 per net ton. And they said steel unit costs will further decrease in 2024. But the shares are taking a hit.

Remember, there was effectively a bidding war for US steel, one of the four steel majors in the US. And Nippon Steel, a Japanese company, ended up winning that. But Cleveland had been trying to acquire it. So imagine there will be some questions about that strategy, M&A going forward on the call.

Same goes for another steel company that reported, that is Nucor. Those shares moving higher by almost 2%. Sales and earnings there beating estimates, $3.16 was what the company reported. $2.88 is what the company-- is what analysts were expecting rather.

And the company said earnings in the first quarter will be up sequentially. Steel mills, in particular, will be better in the first quarter because of average selling prices rising. And then let's look at something you make with steel, appliances. Whirlpool numbers out. 2024 outlook disappointing Wall Street. Sales and earnings guidance trailing estimates. And the company is expecting now to further reset its cost structure with an additional $300 million to $400 million of a reduction in costs. Basically, people aren't upgrading appliances at the same rate here.

Revenue, it says, will be about $16.9 billion this year. Analysts on that basis had been looking for $17.7 billion. And we're going to be watching this closely. Whirlpool does tend to be a little bit of a leading indicator in terms of consumers' willingness to spend on big ticket items, obviously, closely tied to the housing market as well.

And lastly, F5 beating estimates on the top and bottom line for the first to its fiscal first quarter. Second quarter forecast as well coming in better than analysts had anticipated. Those shares ripping higher by some 7% here. And, yeah, we're going to be talking to the CEO tomorrow. So that'll be a good conversation.

JOSH LIPTON: That's right. Francois will be on the show talking about the report.