Cleveland-Cliffs Inc. CLF shares are volatile in Monday's after-hours session following the release of the company's third-quarter earnings. Here's the details.
What To Know: The company reported quarterly earnings of 54 cents per share which beat the analyst consensus estimate of 43 cents, a 86.21% increase over earnings of 29 cents per share from the same period last year.
The company reported quarterly sales of $5.61 billion which beat the analyst consensus estimate of $5.58 billion, a 0.85% decrease over sales of $5.65 billion the same period last year.
Cleveland-Cliffs also reported steel product sales volumes of 4.1 million net tons, breaking down to 36% hot-rolled, 30% coated, 14% cold-rolled, 6% plate, 4% stainless and electrical, and 10% other, including slabs and rail.
The company's Chairman, President and CEO Lourenco Goncalves commented on the results, saying, "Q3 2023 was our third consecutive quarter with steel shipments above 4 million tons. We generated over $600 million in free cash flow in the quarter and, as we had announced we would do, we continued to use this strong cash generation to pay down debt and buy back shares."
"With that, our net debt and diluted share count have reached new record lows since our full transformation from a merchant mining to a steel company. Our liquidity is also now at an all-time high."
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CLF Price Action: Shares of CLF were down 1.15% at $14.20 in the after-hours session at the time of publication, according to Benzinga Pro.
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