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.

Cleveland-Cliffs (NYSE: CLF) second quarter 2019 earnings and revenue results exceeded analysts' estimates.

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.

Read: Nucor (NUE) reports a drop in Q2 earnings and sales

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.

Follow our Google News edition to get the latest stock market, earnings and financial news at your fingertips

Most Popular

Key highlights from Autodesk (ADSK) Q4 2021 earnings results

Autodesk, Inc. (NASDAQ: ADSK) today reported its fourth quarter financial results for the period ended January 31, 2021. Net income for the fourth quarter was $911.3 million, or $4.10 per

Infographic: Beyond Meat (BYND) reports wider Q4 loss; Revenue up 4%

Beyond Meat (NASDAQ: BYND), a specialist in plant-based meat substitutes, Thursday reported a wider loss for the fourth quarter, despite an increase in revenues. The numbers also missed the consensus

Virgin Galactic stock tanks on delayed test flight

Virgin Galactic (NYSE: SPCE) reported fourth-quarter 2020 financial results after the regular market hours on Thursday. The space tourism company reported zero revenue in the fourth quarter, compared to $529,000

Tags

Add Comment
Loading...
Cancel
Viewing Highlight
Loading...
Highlight
Close
Top