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.
$克利夫蘭克里夫 (CLF.US)$ 在公司週三宣佈第三季度業績落後預期後，股價上漲了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，克利夫蘭克裏夫公司每股調整虧損33美分。這與去年同期的每股調整收益54美分相比。每股虧損幅度超過分析師的預期虧損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.
第三季度營收下降18.5%，至460萬美元，低於分析師預期的470萬美元。
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."
克利夫蘭克裏夫董事長、總裁兼首席執行官Lourenco Goncalves表示：「第三季度，需求和定價下滑導致毛利收窄，最終促使我們暫時停產克利夫蘭6號高爐。我們實現了自2021年以來的最低單位成本，超過了我們已經很高的成本降低目標，但這還不足以抵消我們排名前四的兩家汽車客戶繼續表現不佳所帶來的負面影響。由於我們對汽車行業的高度敞口，克利夫斯受到的影響比我們的競爭對手更大。」
On Tuesday, the company received a “tactical” rating (or external factors vs the company itself) upgrade to buy from hold.
週二，該公司從持有評級中獲得了買入評級（外部因素與公司本身的對比）。
Seaport Research analyst Martin Englert upgraded Cleveland-Cliffs with a $16.50 per share target price, up around 20% after Monday’s close.
Seaport研究分析師Martin Englert將克利夫蘭克裏夫的目標價提高至每股16.50美元，在週一收盤後上漲約20%。
