Categories Earnings, Industrials

Cleveland-Cliffs (NYSE: CLF): Q3 2019 Earnings Snapshot

— Cleveland-Cliffs (NYSE: CLF) reported third-quarter 2019 earnings of $0.33 per share versus $0.24 per share expected.

— Revenue plunged by 25% to $556 million versus $544.88 million expected. The results were hurt by the weak steel prices in the US, which the company believes to be temporary.

— Mining and Pelletizing pellet sales volume fell by 11% to 5.8 million long tons as reduced customer nominations partially offset by intercompany sales to the Toledo HBI plant.

Cleveland-Cliffs (CLF) Q3 2019 Earnings Snapshot

— Realized revenues dropped by 9.5% to $95.65 as results were negatively impacted by an unfavorable true-up of previously sold volumes due to lower pellet premiums and HRC prices.

— Looking ahead into the full year 2019, the company lowered its sales volume expectation to 19.5 million long tons from the prior estimate of 20 million long tons. This was due to seaborne export economics and timing.

— For 2019, total capital expenditures are now predicted to be in the range of $625 million to $675 million compared to the previous forecast range of $650 million to $700 million.

Get access to timely and accurate verbatim transcripts that are published within hours of the event.

Most Popular

Aurora Cannabis (ACB) Earnings: 3Q21 Key Numbers

Aurora Cannabis Inc. (NYSE: ACB) reported third quarter 2021 earnings results today. Total revenues fell 25% year-over-year to CAD55.1 million. Adjusted EBITDA loss amounted to CAD24 million. Cash balance as

Walt Disney (DIS) Q2 revenue down 13%; earnings beat estimates

Media behemoth The Walt Disney Company (NYSE: DIS) reported second-quarter revenues that declined from last year as customers stayed away from theatres and parks due to pandemic-related safety issues and

Three key factors that bode well for Tattooed Chef (TTCF) going forward

Shares of Tattooed Chef Inc. (NASDAQ: TTCF) have gained 57% over the past 12 months but has dropped 25% since the start of this year. The sentiment on the stock

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