Cleveland-Cliffs Inc CLF shares are trading lower Tuesday after the company reported weak fourth-quarter financial results. Here’s a rundown of the report.
What Happened: Cleveland-Cliffs reported fourth-quarter revenue of $5.11 billion, which missed the consensus estimate of $5.15 billion, according to estimates from Benzinga Pro. The company reported an adjusted earnings loss of 5 cents per share, which missed estimates for a loss of 4 cents per share.
Cash flows from operations came in at $652 million for the fourth quarter. Free cash flow totaled $487 million during the quarter.
“2023 was another great year for Cleveland-Cliffs, in which we accomplished several goals in commercial, operations, finance and human resources. Steel demand remained healthy throughout the entire year, with our most important market – the automotive sector – performing well,” said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs.
“Our position as an American leader in the steel industry has never been stronger.”
Cleveland-Cliffs expects full-year 2024 steel shipment volumes of 16.5 million net tons versus 16.4 million net tons in 2023. The company also anticipates steel unit cost reductions of approximately $30 per net ton. Full-year 2024 capital expenditures are expected to be between $675 million and $725 million.
A conference call is scheduled for Tuesday morning at 8:30 a.m. ET.
CLF Price Action: Cleveland-Cliffs shares were down 3.01% at $18.31 at the time of publication, according to Benzinga Pro.
Photo: Janno Nivergall from Pixabay.
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