Cleveland-Cliffs Stock Is Moving After Hours: What's Going On?
Portfolio Pulse from Adam Eckert
Cleveland-Cliffs Inc (NYSE:CLF) reported Q2 revenue of $5.98 billion, beating the consensus estimate of $5.8 billion. However, adjusted quarterly earnings of 69 cents per share missed analyst estimates of 70 cents per share. The company anticipates a $40 per net ton reduction in steel unit costs in Q3 and a $10 reduction in Q4. Shares were up 0.97% after hours.
July 24, 2023 | 8:21 pm
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Cleveland-Cliffs' Q2 revenue beat estimates but earnings per share fell short. The company expects to reduce steel unit costs in Q3 and Q4, which could improve margins.
The company's revenue beat and cost reduction plans are positive signals that could drive the stock price up. However, the missed earnings per share estimate could temper some investor enthusiasm.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100