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Cleveland-Cliffs (CLF) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
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For the quarter ended June 2023, Cleveland-Cliffs (CLF - Free Report) reported revenue of $5.98 billion, down 5.6% over the same period last year. EPS came in at $0.69, compared to $1.31 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $5.73 billion, representing a surprise of +4.49%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.69.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Cleveland-Cliffs performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
External Sales Volumes- Steel Products: 4202 Ton versus 4084.1 Ton estimated by three analysts on average.
Volumes - Steelmaking - Cold-rolled steel: 645 Ton versus 646.3 Ton estimated by three analysts on average.
Volumes - Steelmaking - Plate: 254 Ton compared to the 211.43 Ton average estimate based on three analysts.
Volumes - Steelmaking - Hot-rolled steel: 1462 Ton versus the three-analyst average estimate of 1387.16 Ton.
Revenues- Steelmaking: $5.81 billion versus $5.44 billion estimated by five analysts on average.
Revenues- Other Businesses: $176 million compared to the $146.80 million average estimate based on four analysts. The reported number represents a change of +9.3% year over year.
Revenues- Steelmaking- Other: $534 million versus $464.06 million estimated by three analysts on average.
Revenues- Steelmaking- Stainless and electrical steel: $615 million compared to the $561.89 million average estimate based on three analysts.
Revenues- Steelmaking- Plate: $399 million versus the three-analyst average estimate of $433.59 million.
Revenues- Steelmaking- Slab and other steel products: $366 million versus the three-analyst average estimate of $234.55 million. The reported number represents a year-over-year change of -12.2%.
Revenues- Steelmaking- Cold-rolled steel: $748 million versus $720.41 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -13.9% change.
Revenues- Steelmaking- Hot-rolled steel: $1.36 billion versus the three-analyst average estimate of $1.21 billion. The reported number represents a year-over-year change of +8.5%.
Shares of Cleveland-Cliffs have returned +6.3% over the past month versus the Zacks S&P 500 composite's +5.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.
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Cleveland-Cliffs (CLF) Q2 Earnings: How Key Metrics Compare to Wall Street Estimates
For the quarter ended June 2023, Cleveland-Cliffs (CLF - Free Report) reported revenue of $5.98 billion, down 5.6% over the same period last year. EPS came in at $0.69, compared to $1.31 in the year-ago quarter.
The reported revenue compares to the Zacks Consensus Estimate of $5.73 billion, representing a surprise of +4.49%. The company has not delivered EPS surprise, with the consensus EPS estimate being $0.69.
While investors scrutinize revenue and earnings changes year-over-year and how they compare with Wall Street expectations to determine their next move, some key metrics always offer a more accurate picture of a company's financial health.
Since these metrics play a crucial role in driving the top- and bottom-line numbers, comparing them with the year-ago numbers and what analysts estimated about them helps investors better project a stock's price performance.
Here is how Cleveland-Cliffs performed in the just reported quarter in terms of the metrics most widely monitored and projected by Wall Street analysts:
- External Sales Volumes- Steel Products: 4202 Ton versus 4084.1 Ton estimated by three analysts on average.
- Volumes - Steelmaking - Cold-rolled steel: 645 Ton versus 646.3 Ton estimated by three analysts on average.
- Volumes - Steelmaking - Plate: 254 Ton compared to the 211.43 Ton average estimate based on three analysts.
- Volumes - Steelmaking - Hot-rolled steel: 1462 Ton versus the three-analyst average estimate of 1387.16 Ton.
- Revenues- Steelmaking: $5.81 billion versus $5.44 billion estimated by five analysts on average.
- Revenues- Other Businesses: $176 million compared to the $146.80 million average estimate based on four analysts. The reported number represents a change of +9.3% year over year.
- Revenues- Steelmaking- Other: $534 million versus $464.06 million estimated by three analysts on average.
- Revenues- Steelmaking- Stainless and electrical steel: $615 million compared to the $561.89 million average estimate based on three analysts.
- Revenues- Steelmaking- Plate: $399 million versus the three-analyst average estimate of $433.59 million.
- Revenues- Steelmaking- Slab and other steel products: $366 million versus the three-analyst average estimate of $234.55 million. The reported number represents a year-over-year change of -12.2%.
- Revenues- Steelmaking- Cold-rolled steel: $748 million versus $720.41 million estimated by three analysts on average. Compared to the year-ago quarter, this number represents a -13.9% change.
- Revenues- Steelmaking- Hot-rolled steel: $1.36 billion versus the three-analyst average estimate of $1.21 billion. The reported number represents a year-over-year change of +8.5%.
View all Key Company Metrics for Cleveland-Cliffs here>>>Shares of Cleveland-Cliffs have returned +6.3% over the past month versus the Zacks S&P 500 composite's +5.1% change. The stock currently has a Zacks Rank #3 (Hold), indicating that it could perform in line with the broader market in the near term.