Cleveland-Cliffs Reports First-Quarter 2024 Results and Announces New $1.5 Billion Share Repurchase Program
Cleveland-Cliffs Inc. (CLF)
Last cleveland-cliffs inc. earnings: 2/20 07:00 am
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US:NYSE Investor Relations:
clevelandcliffs.com/investors/overview/default.aspx
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Source: Business Wire
CLEVELAND--(BUSINESS WIRE)--Cleveland-Cliffs Inc. (NYSE: CLF) today reported first-quarter results for the period ended March 31, 2024.First Quarter 2024 HighlightsRepurchased 30.4 million shares, or 6% of total outstandingRevenues of $5.2 billionSteel shipments of 3.9 million net tonsGAAP net loss of $53 million and adjusted net income1 of $87 millionAdjusted EPS1 of $0.18 per diluted shareAdjusted EBITDA2 of $414 million70% Adjusted EBITDA2 improvement year-over-year and 48% increase quarter-over-quarterLiquidity of $4.0 billion as of March 31, 2024Retired all remaining secured notesFirst-quarter 2024 revenues were $5.2 billion, compared to $5.1 billion in the fourth quarter of 2023.For the first quarter of 2024, the Company recorded a net loss of $53 million, or $0.14 per diluted share, with adjusted net income1 of $87 million, or $0.18 per diluted share. Included in the results were charges and losses totaling $202 million primarily related to the indefinite idle of the Weirto
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CLF
News
- Cleveland-Cliffs Inc. (NYSE: CLF) had its price target lowered by analysts at Morgan Stanley from $20.00 to $19.00. They now have an "equal weight" rating on the stock.MarketBeat
- Cleveland-Cliffs Inc. (NYSE: CLF) had its price target lowered by analysts at B. Riley from $25.00 to $24.00. They now have a "buy" rating on the stock.MarketBeat
- Norfolk Activist Wins Support From Glass Lewis for CEO Ouster [BNN Bloomberg (Canada)]BNN Bloomberg
- UPDATE 1-Cleveland-Cliffs backs Ancora in Norfolk Southern proxy battle, Bloomberg says [Yahoo! Finance]Yahoo! Finance
- Cleveland-Cliffs backs Ancora in Norfolk Southern proxy battle, Bloomberg says [Yahoo! Finance]Yahoo! Finance
CLF
Earnings
- 4/22/24 - Miss
CLF
Sec Filings
- 5/3/24 - Form 8-K
- 5/1/24 - Form 4
- 5/1/24 - Form 4
- CLF's page on the SEC website