Why Cleveland-Cliffs Stock Is Surging Today

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.

Posted In: why it's movingEarningsNewsGuidanceMoversTrading Ideas