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Mar 31, 2024
Cleveland-Cliffs Q1 2024 Earnings Report
Cleveland-Cliffs reported first-quarter results, featuring revenue of $5.2 billion and adjusted EPS of $0.18, while also announcing a new $1.5 billion share repurchase program.
Key Takeaways
Cleveland-Cliffs reported mixed first-quarter 2024 results, with revenues of $5.2 billion, a net loss of $53 million, and adjusted net income of $87 million. The company repurchased 30.4 million shares and announced a new $1.5 billion share repurchase program. The automotive sector's resilience helped offset service center business challenges. The company maintains its full-year 2024 guidance.
Revenues of $5.2 billion were reported.
Steel shipments reached 3.9 million net tons.
GAAP net loss was $53 million, with an adjusted net income of $87 million.
Adjusted EBITDA was $414 million, a 70% year-over-year improvement.
Cleveland-Cliffs
Cleveland-Cliffs
Cleveland-Cliffs Revenue by Segment
Revenue by Segment
Steelmaking Revenue
CapyFin.com Forward Guidance
The Company maintained all of its previously guided expectations for the full-year 2024.
Positive Outlook
- Steel shipment volumes of 16.5 million net tons.
- Year-over-year steel unit cost reductions of approximately $30 per net ton, corresponding to an approximate $500 million Adjusted EBITDA benefit compared to 2023.
- Automotive sector is expected to remain strong.
- Orders from service center customers have started to increase
- Spot pricing also on the upswing.