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Cleveland-Cliffs Inc. (CLF - Free Report) is a leading mining and natural resources company. Cleveland-Cliffs is the largest producer of iron ore pellets in North America. The company is focused on deleveraging its balance sheet, improving the cost structure and managing cash efficiently.
Let’s have a quick look at the company’s third-quarter 2017 release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Cleveland-Cliffs for the third quarter has seen a downtrend over the past month. Cleveland-Cliffs has beaten the Zacks Consensus Estimate in two of the trailing four quarters, while missing in the other two, with an average negative surprise of around 42.7%.
Earnings
Cleveland-Cliffs’ adjusted earnings came in at 36 cents per share in the third quarter, topping the Zacks Consensus Estimate of 30 cents.
Revenues
Cleveland-Cliffs reported revenues of $698.4 million, beating the Zacks Consensus Estimate of $668 million.
Key Stats/Developments to Note
For 2017, Cleveland-Cliffs reduced sales volume expectation for both U.S. Iron and Asia Pacific Iron Ore to 18.5 million long tons and 10.5 million metric tons, respectively.
The company has maintained its full-year selling, general and administrative (SG&A) expenses expectation of around $110 million, of which roughly $30 million is non-cash.
Cleveland-Cliffs has also maintained its 2017 capital expenditures expectation at $115 million.
Zacks Rank
Currently, Cleveland-Cliffs has a Zacks Rank #3 (Hold), but that could change following its earnings report which was just released.
Market Reaction
Cleveland-Cliffs’ shares were down 3.4% in the pre-market trading following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Cleveland-Cliffs’ earnings report!
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Cleveland-Cliffs' (CLF) Q3 Earnings & Revenues Beat Estimates
Cleveland-Cliffs Inc. (CLF - Free Report) is a leading mining and natural resources company. Cleveland-Cliffs is the largest producer of iron ore pellets in North America. The company is focused on deleveraging its balance sheet, improving the cost structure and managing cash efficiently.
Let’s have a quick look at the company’s third-quarter 2017 release.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Cleveland-Cliffs for the third quarter has seen a downtrend over the past month. Cleveland-Cliffs has beaten the Zacks Consensus Estimate in two of the trailing four quarters, while missing in the other two, with an average negative surprise of around 42.7%.
Earnings
Cleveland-Cliffs’ adjusted earnings came in at 36 cents per share in the third quarter, topping the Zacks Consensus Estimate of 30 cents.
Revenues
Cleveland-Cliffs reported revenues of $698.4 million, beating the Zacks Consensus Estimate of $668 million.
Key Stats/Developments to Note
For 2017, Cleveland-Cliffs reduced sales volume expectation for both U.S. Iron and Asia Pacific Iron Ore to 18.5 million long tons and 10.5 million metric tons, respectively.
The company has maintained its full-year selling, general and administrative (SG&A) expenses expectation of around $110 million, of which roughly $30 million is non-cash.
Cleveland-Cliffs has also maintained its 2017 capital expenditures expectation at $115 million.
Zacks Rank
Currently, Cleveland-Cliffs has a Zacks Rank #3 (Hold), but that could change following its earnings report which was just released.
Market Reaction
Cleveland-Cliffs’ shares were down 3.4% in the pre-market trading following the release. It would be interesting to see how the market reacts to the results during the trading session today.
Check back later for our full write up on Cleveland-Cliffs’ earnings report!
Wall Street’s Next Amazon
Zacks EVP Kevin Matras believes this familiar stock has only just begun its climb to become one of the greatest investments of all time. It’s a once-in-a-generation opportunity to invest in pure genius.
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