Why Cleveland-Cliffs Stock Is Volatile After-Hours
Portfolio Pulse from Ryan Gustafson
Cleveland-Cliffs Inc. (NYSE:CLF) reported Q3 earnings of 54 cents per share, beating the analyst consensus estimate of 43 cents. The company also reported quarterly sales of $5.61 billion, beating the analyst consensus estimate of $5.58 billion. The company's Chairman, President and CEO Lourenco Goncalves stated that the company generated over $600 million in free cash flow in the quarter and continued to use this strong cash generation to pay down debt and buy back shares. Despite the positive earnings report, shares of CLF were down 1.15% in the after-hours session.
October 23, 2023 | 8:32 pm
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Cleveland-Cliffs reported better than expected Q3 earnings and sales. However, the stock price fell 1.15% in after-hours trading.
Cleveland-Cliffs reported strong Q3 results, beating both earnings and sales estimates. This is generally positive news that could lead to a rise in the stock price. However, the stock price fell in after-hours trading, indicating that the market may have expected even better results or that there are other factors at play affecting the stock price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100