Cleveland-Cliffs Reports Mixed Q2 Earnings, Investors Focus On Strong Free Cash Flow Generation, Continued Cost-Cutting Initiative
Portfolio Pulse from Adam Eckert
Cleveland-Cliffs Inc (NYSE:CLF) reported mixed Q2 earnings with revenue of $5.1 billion, missing estimates, but breakeven adjusted earnings beating expectations. The company generated strong free cash flow and continued cost-cutting initiatives. CLF repurchased 7.5 million shares and reduced debt by over $200 million. The company lowered its full-year 2024 capital expenditures forecast and expects further cost reductions in Q3.
July 22, 2024 | 8:29 pm
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Cleveland-Cliffs reported mixed Q2 earnings with revenue missing estimates but breakeven adjusted earnings beating expectations. The company generated strong free cash flow, repurchased 7.5 million shares, and reduced debt by over $200 million. CLF lowered its full-year 2024 capital expenditures forecast and expects further cost reductions in Q3.
Despite missing revenue estimates, Cleveland-Cliffs' breakeven adjusted earnings beat expectations, and the company demonstrated strong free cash flow and effective cost-cutting. The share repurchase and debt reduction are positive signals for investors. The market reacted positively with a 3.02% increase in after-hours trading.
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