Q1 2019 results

Cleveland-Cliffs (CLF) released its first-quarter results today before the markets opened. It reported EPS and revenue of -$0.08 and $157 million, beating analysts’ estimates of -$0.14 and $120 million, respectively. In Q4 2018, Cleveland-Cliffs missed analysts’ earnings. estimate.

Cleveland-Cliffs Beats Analysts’ Q1 Earnings Estimates

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CLF’s stock performance

Cleveland-Cliffs stock had risen 0.11% as of 11:30 am Eastern Time today. The stock has risen 23.7% this year, outperforming US (DIA) steel peers ArcelorMittal (MT), Steel Dynamics (STLD), AK Steel (AKS), Nucor (NUE), and U.S. Steel Corporation (X), which have returned 7.5%, 8.1%, 9.8%, 10.0%, and -11.7%, respectively. Meanwhile, the S&P 500 (SPY) and Dow Jones Industrial Average (DIA) have gained 16.9% and 14.0%.

Entering a seasonally strong period

In a Cleveland-Cliffs press release, CEO Lourenco Goncalves said, “With the winter and the first quarter behind us, we enter the three strong quarters of a 2019 that is shaping up to be another multi-year high in adjusted EBITDA for Cleveland-Cliffs. Robust manufacturing activity in the United States, stimulated by a still under-appreciated tax reform and a massive shortage of iron ore and pellets in the international markets, creates a perfect combination to boost Cleveland-Cliffs’ ability to generate cash.” Tonnage and prices tend to be low in the first quarter for Cleveland-Cliffs due to the Soo Locks’ annual closure, which limits rail shipments on the Great Lakes for the company.

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