— 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.
— 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
CVX Earnings: Chevron reports lower revenue and profit for Q1 2024
Energy exploration company Chevron Corporation (NYSE: CVX) announced first-quarter 2024 financial results, reporting a decline in net profit and revenues. Net income attributable to Chevron Corporation was $5.50 billion or
ABBV Earnings: AbbVie reports lower adj. profit for Q1 2024; revenue edges up
Specialty biopharmaceutical company AbbVie, Inc. (NYSE: ABBV) Friday announced first-quarter 2024 financial results, reporting a decline in adjusted earnings and a modest rise in revenues. The company reported worldwide net
CL Earnings: Key quarterly highlights from Colgate-Palmolive’s Q1 2024 financial results
Colgate-Palmolive Company (NYSE: CL) reported first quarter 2024 earnings results today. Net sales increased 6.2% year-over-year to $5.06 billion. Organic sales increased 9.8%. Net income attributable to Colgate-Palmolive Company was
Comments