Cleveland-Cliffs Q3 Revenue Hits $5.6B, Up From $5.2B in Q2
CLF sits 62% above its 52-week low of $7.73.
Summary
Cleveland-Cliffs reported third-quarter revenue of $5.6 billion, up from $5.2 billion in Q2, roughly 8% sequential growth and the first hard top-line number since management's July call, when CEO Lourenco Goncalves forecast the strongest second-half profits in five years and the stock jumped 16%. The quarter delivered EPS of 26 cents and adjusted EPS of 28 cents, with net income of $152 million, versus the $0.20 adjusted loss per share on $5.2 billion in Q2. EBITDA came in at $612 million, above the $575 million guide, and the company sees about $715 million for Q4. Steel shipments totaled 4.2 million net tons. Cleveland-Cliffs expects major debt reduction in 4Q and says it is on track to reach a leverage target of under 2.5x net debt to EBITDA by the middle of 2027. Looking further out, the company expects 2027 adjusted EBITDA to exceed $4 billion, and it will indefinitely idle Stelco's galvanizing lines while preserving about 2,000 Canadian jobs.
Updated with an SEC 8-K filing · What changed
Updates
· SEC 8-K — Cleveland-Cliffs expects 2027 adjusted EBITDA to exceed $4 billion and will indefinitely idle Stelco's galvanizing lines, preserving about 2,000 Canadian jobs.
At the time of this announcement, CLF was trading at $12.56 on NYSE in the Manufacturing sector, with a market capitalization of approximately $6.9B. 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 7 out of 10. Source: Dow Jones Newswires.