Cleveland-Cliffs Beats on Q3 EPS, Guides Q4 EBITDA to $715M and 2027 Above $4B
CLF sits 75% above its 52-week low of $7.73.
Summary
Cleveland-Cliffs posted Q3 adjusted EPS of $0.28 versus the $0.19 consensus, with adjusted EBITDA of $612M beating its own $575M guidance and more than doubling Q2's $286M. Revenue of $5.612B missed the $5.724B consensus, but shipments rose to 4.2M net tons from 4.0M a year ago and the company ended the quarter with $3.2B of liquidity. Management guided Q4 adjusted EBITDA to roughly $715M and said signed contracts and current pricing support 2027 EBITDA above $4B — a step-change versus the loss-making first half. The company also plans to cut debt in Q4 via free cash flow and property sales, keeping it on track for net debt/EBITDA below 2.5 by mid-2027. On the negative side, Stelco's galvanizing lines in Canada are being indefinitely idled on persistent oversupply, though hot-rolled production and about 2,000 Canadian jobs are preserved. Shares are up 15.68% premarket at $14.02, extending the rally that began with July's second-half profit forecast.
At the time of this announcement, CLF was trading at $13.56 on NYSE in the Manufacturing sector, with a market capitalization of approximately $7.7B. The 52-week trading range was $7.73 to $16.70. This news item was assessed with positive market sentiment and an importance score of 9 out of 10. Source: Benzinga.