Cleveland-Cliffs Inc CLF shares are trading higher Friday after the company reported better-than-expected financial results and raised guidance.
Cleveland-Cliffs reported first-quarter revenue of $6 billion, which beat the $5.46 billion estimate. The company reported quarterly adjusted earnings of $1.71 per share, which beat the estimate of $1.40 per share, according to data from Benzinga Pro.
Cleveland-Cliffs is increasing its full-year 2022 average selling price expectations to $1,445 per net ton, up from its previous guidance of $1,225 per net ton. The company said the increased outlook was driven by higher-than-expected prices on renewals of fixed-price contracts, higher expected spreads between hot-rolled and cold-rolled steel and a higher futures curve.
See Also: Morning Brief: Top Financial Stories Dominating on Friday, April 22
CLF 52-Week Range: $15.81 - $34.04
The stock was up 9.84% at $32.47 at time of publication.
Photo: jannonivergall from Pixabay.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Date | ticker | name | Actual EPS | EPS Surprise | Actual Rev | Rev Surprise |
---|
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.