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Cleveland-Cliffs (CLF) Q4 Earnings Beat Estimates, Sales Miss
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Cleveland-Cliffs Inc. (CLF - Free Report) is a leading mining and natural resources company. It is one of the largest producer of iron ore pellets in North America.
Earnings
Cleveland-Cliffs’ adjusted earnings were 26 cents per share for the fourth quarter that surpassed the Zacks Consensus Estimate of 15 cents.
Revenues
Cleveland-Cliffs posted fourth-quarter revenues of $601 million, down 20.3% year over year. It missed the Zacks Consensus Estimate of $637 million.
Estimate Trend & Surprise History
Investors should note that the earnings estimate for Cleveland-Cliffs for the fourth quarter has been going down over the last month. Cleveland-Cliffs has beaten the Zacks Consensus Estimate in three of the trailing four quarters while missed once with an average miss of 10.1%.
Key Stats/Developments to Note
For 2018, Cleveland-Cliffs projects sales and production volume for U.S. Iron Ore unit to be roughly 20 million long tons.
The company anticipates its full-year selling, general and administrative (SG&A) expenses to be around $115 million, of which roughly $20 million is non-cash.
Cleveland-Cliffs expects its total 2018 capital expenditures to be around $385 million.
Cleveland-Cliffs’ shares were up 7.2% 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) Q4 Earnings Beat Estimates, Sales Miss
Zacks Rank
Cleveland-Cliffs currently has a Zacks Rank #3 (Hold), but that could change following its earnings report which has just released. Meanwhile, you can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Market Reaction
Cleveland-Cliffs’ shares were up 7.2% 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!
Today's Stocks from Zacks' Hottest Strategies
It's hard to believe, even for us at Zacks. But while the market gained +18.8% from 2016 - Q1 2017, our top stock-picking screens have returned +157.0%, +128.0%, +97.8%, +94.7%, and +90.2% respectively.
And this outperformance has not just been a recent phenomenon. Over the years it has been remarkably consistent. From 2000 - Q1 2017, the composite yearly average gain for these strategies has beaten the market more than 11X over. Maybe even more remarkable is the fact that we're willing to share their latest stocks with you without cost or obligation.
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