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Cleveland-Cliffs (CLF) Up 11.2% Since Last Earnings Report: Can It Continue?
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A month has gone by since the last earnings report for Cleveland-Cliffs (CLF - Free Report) . Shares have added about 11.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Cleveland-Cliffs due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Cleveland-Cliffs Inc. before we dive into how investors and analysts have reacted as of late.
Cleveland-Cliffs’ Q1 Earnings and Revenues Outpace Estimates
Cleveland-Cliffs’ first-quarter 2026 adjusted loss was 40 cents per share, narrower than the Zacks Consensus Estimate of a loss of 44 cents. It reported an adjusted loss of 93 cents per share in the prior-year quarter.
Revenues increased 6.3% year over year to $4,922 million. The top line beat the Zacks Consensus Estimate of $4,834.5 million.
Operational Highlights
The company reported Steelmaking revenues of roughly $4.8 billion, up around 6.5% year over year.
The average net selling price per net ton of steel products was $1,048 in the quarter, up around 6.9% year over year. The metric was below the consensus estimate of $1,056.
External sales volumes for steel products were roughly 4.1 million net tons, down around 0.7% year over year. The figure surpassed the consensus estimate of 4.06 million net tons.
Financial Position
Cleveland-Cliffs ended the first quarter with cash and cash equivalents of $45 million, down around 21% from the prior quarter. Long-term debt increased 7% sequentially to $7,763 million.
As of March 31, 2026, the company had $3.1 billion in total liquidity.
Outlook
The company reaffirmed its full-year 2026 outlook, maintaining expectations for steel shipment volumes of roughly 16.5-17 million net tons. It continues to project capital expenditures of about $700 million and selling, general, and administrative (SG&A) expenses of approximately $575 million. Depreciation, depletion, and amortization are expected to total around $1.1 billion, while cash pension and OPEB payments and contributions are anticipated to remain near $125 million.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a downward trend in estimates revision.
The consensus estimate has shifted -1280% due to these changes.
VGM Scores
At this time, Cleveland-Cliffs has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. However, the stock has a grade of F on the value side, putting it in the lowest quintile for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Cleveland-Cliffs has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.
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Cleveland-Cliffs (CLF) Up 11.2% Since Last Earnings Report: Can It Continue?
A month has gone by since the last earnings report for Cleveland-Cliffs (CLF - Free Report) . Shares have added about 11.2% in that time frame, outperforming the S&P 500.
Will the recent positive trend continue leading up to its next earnings release, or is Cleveland-Cliffs due for a pullback? Well, first let's take a quick look at its latest earnings report in order to get a better handle on the recent catalysts for Cleveland-Cliffs Inc. before we dive into how investors and analysts have reacted as of late.
Cleveland-Cliffs’ Q1 Earnings and Revenues Outpace Estimates
Cleveland-Cliffs’ first-quarter 2026 adjusted loss was 40 cents per share, narrower than the Zacks Consensus Estimate of a loss of 44 cents. It reported an adjusted loss of 93 cents per share in the prior-year quarter.
Revenues increased 6.3% year over year to $4,922 million. The top line beat the Zacks Consensus Estimate of $4,834.5 million.
Operational Highlights
The company reported Steelmaking revenues of roughly $4.8 billion, up around 6.5% year over year.
The average net selling price per net ton of steel products was $1,048 in the quarter, up around 6.9% year over year. The metric was below the consensus estimate of $1,056.
External sales volumes for steel products were roughly 4.1 million net tons, down around 0.7% year over year. The figure surpassed the consensus estimate of 4.06 million net tons.
Financial Position
Cleveland-Cliffs ended the first quarter with cash and cash equivalents of $45 million, down around 21% from the prior quarter. Long-term debt increased 7% sequentially to $7,763 million.
As of March 31, 2026, the company had $3.1 billion in total liquidity.
Outlook
The company reaffirmed its full-year 2026 outlook, maintaining expectations for steel shipment volumes of roughly 16.5-17 million net tons. It continues to project capital expenditures of about $700 million and selling, general, and administrative (SG&A) expenses of approximately $575 million. Depreciation, depletion, and amortization are expected to total around $1.1 billion, while cash pension and OPEB payments and contributions are anticipated to remain near $125 million.
How Have Estimates Been Moving Since Then?
Since the earnings release, investors have witnessed a downward trend in estimates revision.
The consensus estimate has shifted -1280% due to these changes.
VGM Scores
At this time, Cleveland-Cliffs has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. However, the stock has a grade of F on the value side, putting it in the lowest quintile for value investors.
Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.
Outlook
Estimates have been broadly trending downward for the stock, and the magnitude of these revisions indicates a downward shift. It's no surprise Cleveland-Cliffs has a Zacks Rank #4 (Sell). We expect a below average return from the stock in the next few months.