Categories AlphaGraphs, Earnings, Other Industries
Cleveland-Cliffs tops Q2 earnings and revenue estimates; stock advances
Cleveland-Cliffs (NYSE: CLF) reported second quarter 2019 results that exceeded analysts’ estimates. The company earned $0.63 per share on revenue of $743 million in the recently ended quarter compared to the estimated EPS of $0.52 and revenue of $622 million. Shares of Cleveland-Cliffs gained about 5% in the pre-market trading hours.
The iron ore mining company’s second quarter net income of $161 million, or $0.57 per diluted share, included a one-time $18 million loss on extinguishment of debt related to the proactive refinancing measures taken by the company, equating to $0.06 per diluted share.
“The New Normal in the global iron ore market has started to influence our results, offsetting weak steel prices in the United States during the second quarter. While the New Normal in iron ore is here to stay, the absurdly low prices for steel in the United States are just a temporary thing, and we should see higher steel prices going forward,” said CEO Lourenco Goncalves.
For 2019, the Cleveland, Ohio-based firm maintained its full-year sales and production volume expectation of 20 million long tons. Cliffs’ full-year 2019 Mining and Pelletizing cash cost of goods sold rate expectation is maintained at $62 to $67 per long ton.
The company now estimates to reach commercial production at its Toledo HBI plant ahead of schedule, in the first half of 2020. Due to the advanced construction timeline and more certain visibility of the start-up date, a portion of the budgeted contingency has been allocated. As a result, Cliffs’ 2019 total capital expenditures expectation was revised to $650-$700 million.
Cliffs stock had given a positive return of 41% since the beginning of 2019 and 24% in the past 12 months period.
Most Popular
Intensity Therapeutics is establishing a new field of localized cancer reduction: CEO
Intensity Therapeutics, Inc. (NASDAQ: INTS) is a clinical biotechnology company engaged in the discovery development, and commercialization of first-in-class cancer drugs that attenuate tumors with minimal side effects while training
INTU Earnings: Intuit Q1 2025 adj. profit rises on higher revenues
Financial technology company Intuit Inc. (NASDAQ: INTU) Thursday announced results for the first quarter of 2025, reporting a modest increase in adjusted earnings. The Mountain View-headquartered company’s first-quarter revenue came
Riding the AI wave, Nvidia looks set to stay on the high-growth path
After delivering strong results for the third quarter, Nvidia Corporation (NASDAQ: NVDA) this week said the launch of its new-generation Blackwell chip is on track. The company is thriving on