Cleveland-Cliffs Q4 Earnings: Revenue Miss, EPS Miss, $1.5B Buyback And More
Portfolio Pulse from Adam Eckert
Cleveland-Cliffs Inc (NYSE:CLF) reported Q4 earnings with revenue of $5.2 billion and EPS of 18 cents, both missing estimates. The company announced a $1.5 billion share buyback program and maintained its full-year 2024 guidance, expecting benefits from lower costs and strong automotive sector demand.
April 22, 2024 | 8:29 pm
News sentiment analysis
Sort by:
Ascending
NEUTRAL IMPACT
Cleveland-Cliffs reported lower than expected Q4 earnings and revenue but announced a significant $1.5 billion share buyback program. The company remains optimistic for 2024, expecting benefits from the automotive sector.
The missed earnings and revenue targets could negatively impact investor sentiment short term, but the announcement of a $1.5 billion share buyback program and maintained positive guidance for 2024 could offset this negative impact. The company's focus on the automotive sector, expected to remain strong, provides a positive outlook that might support the stock price.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100