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

Ready to put your morning scrolling to use? Sign up for Bagels & Stox, our witty take on the top market and investment news straight to your inbox! Whether you’re a serious investor or just want to be informed, Bagels & Stox will be your favorite email.

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.

Latest articles

15 Jul

Will Amazon Prime Day 2019 Break 2018's Record?

WRITTEN BY Jitendra Parashar

This year, Amazon extended its Prime Day to 48 hours instead of the 36-hour sale in July 2018, making the 2019 event the longest Prime Day ever.

In a series of tweets on Monday, Trump today weighed in on China’s GDP growth, which came in at a 27-year low.

15 Jul

OrganiGram's Third-Quarter Earnings


On Monday morning, OrganiGram's third-quarter earnings came in as a bit of a let-down. Here's why.

Trump is reportedly planning to increase the content of US-made steel in federal projects, which would be a lifeline for US steel companies.

Huawei is preparing for “extensive layoffs” in the US, which could put the US-China trade deal on the rocks.

With Q2's Netflix earnings just around the corner, here's what you can expect from the online streaming giant and the broader streaming space.