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Cleveland-Cliffs (CLF) Q1 Profitability Rises on Lower Costs
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Cleveland-Cliffs Inc. (CLF - Free Report) has announced its preliminary financial results for the first quarter of fiscal 2023, which ended Mar 31, 2023. The company anticipates steel shipments to be 4.1 million net tons, while revenues are projected to be around $5.2 billion. Furthermore, it expects to achieve an adjusted EBITDA of roughly $200 million for the quarter.
The company stated that its first-quarter EBITDA showed a significant increase from the fourth quarter, confirming its earlier guidance. The boost in profitability in the first quarter was largely due to CLF’s successful implementation of unit cost reductions.
The company remains committed to executing its planned cost-cutting measures in the second quarter, while also realizing the full benefits of the substantial price increases implemented by it for this year. These price increases cover contracts with both automotive and non-auto clients, as well as transactional sales. Based on these, the company projects that its EBITDA in the second quarter will be multiple times higher than the first quarter.
The company will announce its first-quarter 2023 results after the closing bell on Apr 24.
Cleveland-Cliffs’ shares have lost 42.7% in the past year compared with a 27.7% decline of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Cleveland-Cliffs currently carries a Zacks Rank #3 (Hold).
Olympic Steel’s shares have gained 31.8% in the past year. The Zacks Consensus Estimate for ZEUS’ current-year earnings has been revised 33.1% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 26.2% on average.
Steel Dynamic’s shares have gained 23.7% in the past year. The Zacks Consensus Estimate for STLD’s current-year earnings has been revised 33% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 11.3% on average.
Linde’s shares have gained 12.3% in the past year. The company has an expected earnings growth rate of 8.1% for the current year. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 2.5% upward in the past 60 days.
LIN topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 6% on average.
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Cleveland-Cliffs (CLF) Q1 Profitability Rises on Lower Costs
Cleveland-Cliffs Inc. (CLF - Free Report) has announced its preliminary financial results for the first quarter of fiscal 2023, which ended Mar 31, 2023. The company anticipates steel shipments to be 4.1 million net tons, while revenues are projected to be around $5.2 billion. Furthermore, it expects to achieve an adjusted EBITDA of roughly $200 million for the quarter.
The company stated that its first-quarter EBITDA showed a significant increase from the fourth quarter, confirming its earlier guidance. The boost in profitability in the first quarter was largely due to CLF’s successful implementation of unit cost reductions.
The company remains committed to executing its planned cost-cutting measures in the second quarter, while also realizing the full benefits of the substantial price increases implemented by it for this year. These price increases cover contracts with both automotive and non-auto clients, as well as transactional sales. Based on these, the company projects that its EBITDA in the second quarter will be multiple times higher than the first quarter.
The company will announce its first-quarter 2023 results after the closing bell on Apr 24.
Cleveland-Cliffs’ shares have lost 42.7% in the past year compared with a 27.7% decline of the industry.
Image Source: Zacks Investment Research
Zacks Rank & Key Picks
Cleveland-Cliffs currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the basic materials space are Olympic Steel, Inc. (ZEUS - Free Report) , Steel Dynamics, Inc. (STLD - Free Report) and Linde plc (LIN - Free Report) . ZEUS and STLD sport a Zacks Rank #1(Strong Buy), while LIN carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Olympic Steel’s shares have gained 31.8% in the past year. The Zacks Consensus Estimate for ZEUS’ current-year earnings has been revised 33.1% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 26.2% on average.
Steel Dynamic’s shares have gained 23.7% in the past year. The Zacks Consensus Estimate for STLD’s current-year earnings has been revised 33% upward in the past 60 days. It topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 11.3% on average.
Linde’s shares have gained 12.3% in the past year. The company has an expected earnings growth rate of 8.1% for the current year. The Zacks Consensus Estimate for LIN’s current-year earnings has been revised 2.5% upward in the past 60 days.
LIN topped the Zacks Consensus Estimate in all the last four quarters. It delivered a trailing four-quarter earnings surprise of 6% on average.