What's Going On With Cleveland-Cliffs Stock?
Portfolio Pulse from Adam Eckert
Cleveland-Cliffs Inc (NYSE:CLF) reported mixed Q2 financial results, with revenues of $5.98 billion beating estimates but EPS of 69 cents missing estimates by 1 cent. The company saw strong automotive shipments, leading to 4.2 million net tons of steel shipments. Cash flow from operations was $887 million and free cash flow was $756 million. The company ended the quarter with a total liquidity position of $3.8 billion and net debt of $3.9 billion. The company anticipates further reductions in steel unit costs in Q3 and Q4.
July 25, 2023 | 2:47 pm
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Cleveland-Cliffs reported mixed Q2 results but anticipates further reductions in steel unit costs in Q3 and Q4, which could improve profitability.
Cleveland-Cliffs reported mixed Q2 results, with revenues beating estimates but EPS missing by 1 cent. However, the company's strong automotive shipments and anticipated reductions in steel unit costs could improve profitability in the coming quarters, which could have a positive impact on the stock.
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