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.
Cleveland-Cliffs’ adjusted earnings were 55 cents per share for the fourth quarter, which missed the Zacks Consensus Estimate of 57 cents.
Cleveland-Cliffs posted fourth-quarter consolidated revenues of $696.3 million, up 36% year over year. The figure missed the Zacks Consensus Estimate of $714.1 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 with an average beat of 42%.
Key Stats/Developments to Note
The company expects sales and production volumes of its productive capacity of around 20 million long tons for full-year 2019.
The company also anticipates full-year selling, general and administrative (SG&A) expenses to be around $120 million, of which roughly $20 million is non-cash.
Cleveland-Cliffs currently carries a Zacks Rank #3 (Hold), but that could change following the company’s earnings report which was just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Cleveland-Cliffs’ shares were down roughly 1.4% 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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