Cleveland-Cliffs Reports Mixed Q2 Earnings, Investors Focus On Strong Free Cash Flow Generation, Continued Cost-Cutting Initiative
Cleveland-Cliffs Reports Mixed Q2 Earnings, Investors Focus On Strong Free Cash Flow Generation, Continued Cost-Cutting Initiative
Cleveland-Cliffs Inc (NYSE:CLF) reported financial results for the second quarter after the market close on Monday. Here's a look at the key metrics from the quarter.
克利夫兰克里夫斯公司（NYSE：CLF）在周一收盘后报告了第二季度的财务业绩。以下是该季度的关键指标。
Q2 Earnings: Cleveland-Cliffs reported second-quarter revenue of $5.1 billion, missing the consensus estimate of $5.1 billion, according to Benzinga Pro. The company reported breakeven adjusted earnings, beating analyst estimates for a loss of 2 cents per share.
Q2收益：据Benzinga Pro报道，克利夫兰克里夫斯报告了第二季度收入为51亿美元，低于预期的51亿美元。该公司报告说其调整后的盈利达到持平，优于分析师预期每股亏损2美分。
Steel shipments totaled 4 million net tons in the second quarter. Cash flow from operations was $519 million during the quarter, while free cash flow came in at $362 million.
钢铁装运量在第二季度达到400万净吨。该季度经营现金流量为5,1900万美元，而自由现金流为3,6200万美元。
Cleveland-Cliffs said it repurchased 7.5 million shares under its previously authorized $1.5 billion share repurchase program during the second quarter. The company had total liquidity of $3.7 billion as of June 30.
克利夫兰克里夫斯表示，在第二季度，公司已经根据之前的授权计划回购了750万股票，计划回购股票总共价值15亿美元。截至6月30日，公司全部流动性为37亿美元。
"Despite a less-than-ideal steel demand and weak pricing throughout the quarter, Cliffs operated very well. We met our cost reduction target and shipped the tonnage we had planned for. With that, we were able to pay down over $200 million in debt and also return approximately $125 million to our shareholders via share buybacks," said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs.
“尽管整个季度内钢铁需求不佳且价格疲软，但克利夫兰克里夫斯表现良好。我们实现了成本降低目标并完成了我们计划的发货量。因此，我们能够偿还超过2亿美元的债务，并通过股票回购向我们的股东返还大约1.25亿美元，”克利夫兰克里夫斯的董事长、总裁兼首席执行官Lourenco Goncalves表示。
Outlook: Cleveland-Cliffs lowered its full-year 2024 expected capital expenditures range from a range of $675 million to $725 million to a new range of $650 million to $700 million. The company also noted that its year-over-year steel unit cost reductions objective of approximately $30 per net ton remains on track.
展望未来，克利夫兰克里夫斯将全年2024年预期的资本支出范围从67500万-72500万美元降至65000万-70000万美元。该公司还指出，其净吨每单位钢铁成本年同比降低约30美元的目标仍在计划之中。
"Looking forward, we expect to benefit in Q3 from another major step down in costs. Our largest end market — the automotive sector — remains in good shape, and orders from service center customers are expected to increase as seaborne steel imports dry up," Goncalves said.
“展望未来，我们期望在第三季度从另外一个重要的成本下降中受益。我们最大的终端市场—汽车部门—仍处于良好状态，而来自服务中心客户的订单预计会随着海上钢铁进口的减少而增加，”Goncalves表示。
Management will hold a conference call to discuss its quarterly results Tuesday morning at 8:30 a.m. ET.
管理层将于周二上午8:30召开电话会议，讨论季度业绩。
CLF Price Action: Cleveland-Cliffs shares were up 3.02% after hours at $15.85 at the time of publication, according to Benzinga Pro.
CLF价格操作：据Benzinga Pro报道，克利夫兰克里夫斯股票在发布时段之后上涨3.02％，报15.85美元。
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Photo: QinJin from Shutterstock.
图片来自Shutterstock的QinJin。