Cleveland-Cliffs Slumps Following Disappointing Q4 Earnings Report: The Details
Portfolio Pulse from Ryan Gustafson
Cleveland-Cliffs Inc. (NYSE:CLF) reported Q4 earnings with adjusted losses of $0.05 per share, missing estimates by 25%. Sales were $5.11 billion, slightly below expectations of $5.15 billion. Steel product volume increased, and the company expects higher steel shipment volumes and improved Q1 EBITDA. Despite a UAW labor strike, demand remained strong, particularly in the automotive sector. After-hours trading saw CLF shares drop 1.90% to $18.53.
January 29, 2024 | 9:46 pm
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Cleveland-Cliffs Inc. reported lower-than-expected Q4 earnings and sales, leading to a 1.90% drop in after-hours trading. The company remains optimistic for Q1 EBITDA and steel shipment volumes.
The stock price decline in after-hours trading is a direct reaction to the earnings miss, indicating a negative short-term impact. However, the company's positive outlook for Q1 EBITDA and steel shipment volumes may mitigate further losses.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100