Revenue decline

Cleveland-Cliffs’ (CLF) revenue fell 12.8% YoY (year-over-year) to $157 million in the first quarter, beating analysts’ expectation of $120.0 million. The company attributed its lower revenue to an unfavorable customer mix on low volumes. CLF expects significantly higher revenue during the rest of the year as a larger sample size more closely represents its customer mix.

Key Highlights from Cleveland-Cliffs’ Q1 2019 Results

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EBITDA and net income soared

In the first quarter, Cleveland-Cliffs’ adjusted EBITDA fell 59.6% YoY to $21.0 million. During Cleveland-Cliffs’ conference call, CLF CEO Lourenco Goncalves said he expects the company’s 2019 EBITDA to rise YoY to from $766 million to $800 million, the company’s highest EBITDA in four years. The company reported a loss of $22 million during the first quarter, compared with a loss of $84 million in Q1 2018. The loss was anticipated by the company and analysts because the first quarter is seasonally weaker.

CLF’s peers

Cleveland-Cliffs peer (DIA) Steel Dynamics (STLD) released its first-quarter results on April 22, missing analysts’ earnings and revenue expectations. The company attributed its lower earnings to margin compression. Meanwhile, Nucor (NUE) beat analysts’ expectations when it reported its earnings on April 23. AK Steel (AKS) and U.S. Steel Corporation (X) are set to release their first-quarter results this week.

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