Cleveland-Cliffs Third Quarter 2024 Earnings: Misses Expectations

Cleveland-Cliffs (NYSE:CLF) Third Quarter 2024 Results

Key Financial Results

• Revenue: US$4.57b (down 19% from 3Q 2023).
• Net loss: US$242.0m (down by 192% from US$263.0m profit in 3Q 2023).
• US$0.52 loss per share (down from US$0.52 profit in 3Q 2023).

All figures shown in the chart above are for the trailing 12 month (TTM) period

Cleveland-Cliffs Revenues and Earnings Miss Expectations

Revenue missed analyst estimates by 3.2%. Earnings per share (EPS) also missed analyst estimates by 59%.

Looking ahead, revenue is forecast to grow 1.5% p.a. on average during the next 3 years, compared to a 5.5% growth forecast for the Metals and Mining industry in the US.

Performance of the American Metals and Mining industry.

The company's shares are down 12% from a week ago.

Risk Analysis

We don't want to rain on the parade too much, but we did also find 1 warning sign for Cleveland-Cliffs that you need to be mindful of.

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