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.
克利夫蘭克裏夫斯公司（NYSE：CLF）在週一收盤後報告了第二季度的財務業績。以下是該季度的關鍵指標。
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：據Benzinga Pro報道，克利夫蘭克裏夫斯報告了第二季度收入爲51億美元，低於預期的51億美元。該公司報告說其調整後的盈利達到持平，優於分析師預期每股虧損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.
鋼鐵裝運量在第二季度達到400萬淨噸。該季度經營現金流量爲5,1900萬美元，而自由現金流爲3,6200萬美元。
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.
克利夫蘭克裏夫斯表示，在第二季度，公司已經根據之前的授權計劃回購了750萬股票，計劃回購股票總共價值15億美元。截至6月30日，公司全部流動性爲37億美元。
"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.
“儘管整個季度內鋼鐵需求不佳且價格疲軟，但克利夫蘭克裏夫斯表現良好。我們實現了成本降低目標並完成了我們計劃的發貨量。因此，我們能夠償還超過2億美元的債務，並通過股票回購向我們的股東返還大約1.25億美元，”克利夫蘭克裏夫斯的董事長、總裁兼首席執行官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.
展望未來，克利夫蘭克裏夫斯將全年2024年預期的資本支出範圍從67500萬-72500萬美元降至65000萬-70000萬美元。該公司還指出，其淨噸每單位鋼鐵成本年同比降低約30美元的目標仍在計劃之中。
"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.
“展望未來，我們期望在第三季度從另外一個重要的成本下降中受益。我們最大的終端市場—汽車部門—仍處於良好狀態，而來自服務中心客戶的訂單預計會隨着海上鋼鐵進口的減少而增加，”Goncalves表示。
Management will hold a conference call to discuss its quarterly results Tuesday morning at 8:30 a.m. ET.
管理層將於週二上午8:30召開電話會議，討論季度業績。
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價格操作：據Benzinga Pro報道，克利夫蘭克裏夫斯股票在發佈時段之後上漲3.02％，報15.85美元。
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Photo: QinJin from Shutterstock.
圖片來自Shutterstock的QinJin。