Cleveland-Cliffs Inc CLF shares are volatile Friday morning after the company announced mixed financial results.
Cleveland-Cliffs reported second-quarter revenue of $6.34 billion, which beat the estimate of $6.15 billion, according to data from Benzinga Pro. The company reported quarterly adjusted earnings of $1.31 per share, which missed the estimate of $1.32 per share.
Cleveland-Cliffs said it more than doubled its free cash flow compared to the first quarter.
"As we move into the second half of the year, we expect this healthy level of free cash flow to continue, as a result of declining capex needs, the accelerating release of working capital, and the heavy use of fixed price sales contracts," said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs.
Cleveland-Cliffs said it expects its full-year 2022 average selling price to be approximately $1,410 per net ton, which implies an average hot-rolled coil steel index price of $850 per net ton for the remainder of the year.
CLF Price Action: Cleveland-Cliffs has traded between $34.04 and $14.31 over a 52-week period.
The stock initially fell to around $16.10 per share on the earnings release before bouncing back. Cleveland-Cliffs shares were down 3.15% at $16.62 at press time.
Photo: Janno Nivergall from Pixabay.
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