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Here's What Key Metrics Tell Us About Cleveland-Cliffs (CLF) Q3 Earnings

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Cleveland-Cliffs (CLF - Free Report) reported $5.61 billion in revenue for the quarter ended September 2023, representing a year-over-year decline of 0.9%. EPS of $0.54 for the same period compares to $0.29 a year ago.

The reported revenue represents a surprise of +3.41% over the Zacks Consensus Estimate of $5.42 billion. With the consensus EPS estimate being $0.44, the EPS surprise was +22.73%.

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:

  • Average net selling price per net ton of steel products: $1,203 versus $1,216.80 estimated by two analysts on average.
  • External Sales Volumes- Steel Products: 4,106 Ton versus the two-analyst average estimate of 4,134.85 Ton.
  • Revenues- Steelmaking: $5.44 billion versus the three-analyst average estimate of $5.33 billion. The reported number represents a year-over-year change of -1.2%.
View all Key Company Metrics for Cleveland-Cliffs here>>>

Shares of Cleveland-Cliffs have returned +0.9% over the past month versus the Zacks S&P 500 composite's -4% 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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