Cleveland-Cliffs Shares Up 22% Amid Missed Q3 Earnings, Sales Estimates
Cleveland-Cliffs Shares Up 22% Amid Missed Q3 Earnings, Sales Estimates
Cliffs’ Chairman, President and CEO Lourenco Goncalves said, “In Q3, weaker demand and pricing drove tighter margins, and ultimately led us to temporarily idle our Cleveland #6 blast furnace. We achieved our lowest unit cost since 2021, exceeding our already aggressive cost reduction targets, but that was not enough to offset the negative impact of two of our top four automotive clients who continue to underperform their own expectations. Due to our high exposure to the automotive sector, Cliffs was more affected than our competitors."$Cleveland-Cliffs (CLF.US)$ shares are trading 22% higher Wednesday after the company announced it missed Q3 earnings and sales estimates on Monday.
$克利夫兰克里夫 (CLF.US)$ 在公司周三宣布第三季度财报落后预期后，股价上涨了22%。
For Q3, CLF the company had an adjusted loss of 33 cents per share. This compares to the adjusted earnings of 54 cents in the prior-year quarter. Loss per share was wider than the analyst consensus estimate of a 31-cent loss.
第三季度，克利夫兰克里夫公司每股调整亏损33美分。这与去年同期的每股调整收益54美分相比。每股亏损幅度超过分析师的预期亏损31美分。
Q3 revenues fell 18.5% to $4.6 million in the quarter from the previous year quarter. The top line missed the analyst consensus estimate of $4.7 million.
第三季度营收下降18.5%，至460万美元，低于分析师预期的470万美元。
Cliffs’ Chairman, President and CEO Lourenco Goncalves said, “In Q3, weaker demand and pricing drove tighter margins, and ultimately led us to temporarily idle our Cleveland #6 blast furnace. We achieved our lowest unit cost since 2021, exceeding our already aggressive cost reduction targets, but that was not enough to offset the negative impact of two of our top four automotive clients who continue to underperform their own expectations. Due to our high exposure to the automotive sector, Cliffs was more affected than our competitors."
克利夫兰克里夫董事长、总裁兼首席执行官Lourenco Goncalves表示：“第三季度，需求和定价下滑导致毛利收窄，最终促使我们暂时停产克利夫兰6号高炉。我们实现了自2021年以来的最低单位成本，超过了我们已经很高的成本降低目标，但这还不足以抵消我们排名前四的两家汽车客户继续表现不佳所带来的负面影响。由于我们对汽车行业的高度敞口，克利夫斯受到的影响比我们的竞争对手更大。”
On Tuesday, the company received a “tactical” rating (or external factors vs the company itself) upgrade to buy from hold.
周二，该公司从持有评级中获得了买入评级（外部因素与公司本身的对比）。
Seaport Research analyst Martin Englert upgraded Cleveland-Cliffs with a $16.50 per share target price, up around 20% after Monday’s close.
Seaport研究分析师Martin Englert将克利夫兰克里夫的目标价提高至每股16.50美元，在周一收盘后上涨约20%。
