- The revenue for Cleveland-Cliffs in the first quarter of 2024 was $5.20 billion, which marked a 1.8% decrease from the same period in the prior year.
- The projected estimate for the revenue was $5.32 billion, thus the actual results fell short of the estimate.
- The company’s Adjusted Ebitda was $414 million, more than double in comparison to the $200.0 million in the same period the previous year.
- However, the Adjusted Ebitda was lower than the estimated $425 million.
- Cleveland-Cliffs’ Chairman, President, and CEO Lourenco Goncalves commented that the results of the first quarter were influenced by the stable automotive production in the U.S., which helped mitigate the impact of a temporary buyers strike from service centers in the first two months of the year.
- Current investment ratings for Cleveland-Cliffs include 4 buys, 5 holds, and 2 sells.
Cleveland-Cliffs Inc on Smartkarma
Analysts at Baptista Research on Smartkarma have been closely covering Cleveland-Cliffs Inc, providing insights into the company’s performance and future prospects. In a recent report titled “Cleveland-Cliffs Inc: What Is The Big Impact Of M&A Activity On Its Future? – Major Drivers,” the analysts discussed the company’s 2023 full year and fourth quarter financial results, M&A strategy, and capital allocation priorities. The report highlighted Cleveland-Cliffs Inc’s forward-looking statements, emphasizing potential risks and uncertainties.
In another bullish report, “Cleveland-Cliffs Inc: Conquering Automotive Sector Challenges & Other Major Drivers,” Baptista Research praised the company for surpassing analyst expectations in revenue and earnings. Despite challenges from a UAW strike affecting automotive sector clients, Cleveland-Cliffs Inc achieved a significant increase in aggregate shipments to all automotive clients. The report also commended the company’s cost reduction efforts, showcasing a $31 per net ton reduction in Q3 with expectations of further improvement in the fourth quarter.
A look at Cleveland-Cliffs Inc Smart Scores
| Factor | Score | Magnitude |
|---|---|---|
| Value | 4 | |
| Dividend | 1 | |
| Growth | 5 | |
| Resilience | 3 | |
| Momentum | 4 | |
| OVERALL SMART SCORE | 3.4 |
Smart Score is a compound score for the Company indicating its overall outlook. It is derived by taking an equally weighted average of underlying Factor scores computed by Smartkarma
Analysts using Smartkarma’s Smart Scores believe that Cleveland-Cliffs Inc. shows promise for long-term growth, with a strong focus on value, growth, and momentum. The company’s high scores in these areas point towards potential opportunities for investors looking for companies with growth potential and strong performance indicators.
While the company scores lower in terms of dividends and resilience, the overall outlook remains positive due to its robust performance in key areas such as value, growth, and momentum. Cleveland-Cliffs Inc.’s strategic shift towards expanding its customer base to Electric Arc Furnaces also indicates a proactive approach to adapting to market trends and driving future growth.
#### Summary: Cleveland-Cliffs Inc. is an American iron ore mining company supplying iron ore pellets, lumps, and fines to the global steel industry, with a strategic focus on expanding its customer base to Electric Arc Furnaces. ####
Disclaimer: This article by Smartkarma is general in nature and based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. Note that our articles may not factor in the latest price-sensitive company announcements or qualitative material.
While all reasonable care has been taken in the preparation, Smartkarma makes no assurance about the accuracy of any generated data or content. All content is indicative only and should be independently checked for accuracy and confirmed before use. Smartkarma accepts no responsibility for any loss or damage caused as a result of any inaccuracy or error within the Lab online tools or generated data.
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