Cleveland-Cliffs Stock Is Moving After Hours: What's Going On?

Cleveland-Cliffs Inc CLF shares are ticking higher in Monday's after-hours session on the heels of the company's second-quarter report. Here's a rundown of the results.

What Happened: Cleveland-Cliffs reported second-quarter revenue of $5.98 billion, which beat the consensus estimate of $5.8 billion, according to Benzinga Pro. The company reported adjusted quarterly earnings of 69 cents per share, which missed analyst estimates of 70 cents per share.

Steel shipments reached 4.2 million net tons in the second quarter, driven by strong automotive shipments. Cash flow from operations totaled $887 million, while free cash flow came in at $756 million. 

Cleveland-Cliffs ended the quarter with a total liquidity position of $3.8 billion. Net debt fell to $3.9 billion.

"This shift to a higher automotive mix led to even higher realized prices than we were expecting, ultimately driving our industry leading quarter-over-quarter EBITDA expansion," said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs.

"Looking forward, we are on pace for our best shipment year since becoming a steel company. Service center inventories are significantly lower than historical levels, creating support for a healthy second half of the year."

Cleveland-Cliffs said it anticipates another $40 per net ton reduction in steel unit costs in the third quarter and another $10 reduction in the fourth quarter.

Management will hold a conference call to discuss these results Tuesday morning at 8:30 a.m. ET.

CLF Price Action: Cleveland-Cliffs shares were up 0.97% after hours at $16.71 at the time of writing, according to Benzinga Pro.

Photo: Janno Nivergall from Pixabay.