$CLF - Recent 8-K Filing and Q3 Results - Earnings Miss but Still Bullish

$CLF Reported 2nd quarter 2021 results on a recent 8-k filing. The stock price of $CLF is down as of writing this, but the overall market is down. So, it could be attributed to the general market or the slight earnings miss for Q3 results Before getting into that I'm just going to highlight the earnings estimate and actual earnings Earnings Estimate was $1.5 Earnings Actual was $1.46 So $CLF missed earnings only slightly and performed way better than the 2nd quarter actual of $0.07 The next earnings estimate for $CLF is 2.19 and I'm pretty confident they will beat this estimate if things continue in this trend Some of the highlights form the $CLF 8-K below: Second-quarter 2021 consolidated revenues were $5.0 billion, compared to the prior-year second-quarter revenues of $1.1 billion.   Lourenco Goncalves said: “In the second quarter of 2021 we achieved all-time quarterly records in revenue, net income, and adjusted EBITDA. The numbers unequivocally confirm our efficiency in operating the new footprint, resulting from the integration of the two major steel companies acquired in 2020 as a single and indivisible mining and steel company. They also demonstrate our flawless execution in ramping up our state-of-the-art Direct Reduction plant in Toledo to the current level of production above nominal capacity.” Steelmaking revenues of $4.9 billion included $2.0 billion, or 40%, of sales to the distributors and converters market; $1.3 billion, or 27%, of sales to the infrastructure and manufacturing market; $1.1 billion, or 23%, of sales to the automotive market; $532 million, or 10%, of sales to steel producers. Essentially $CLF is starting to realize the benefits from the recent acquisitions and improvement in operational efficiencies. We also see that the demand for steel is continuing to grow and $CLF is supplying key markets. I sense that as we move into the later half of this year we will see an increase in sales within the infrastructure segment SEC 8-K Filing

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GeorgeL88

Jul 22, 2021
· POSITION CLOSED

28.10%

Position Return %

20.39

Price When Posted

5.73

Position Return

CLF

Cleveland-Cliffs Inc

21.78

-0.08
-0.37%
Current Price

$CLF - Recent 8-K Filing and Q3 Results - Earnings Miss but Still Bullish

bullish

$CLF Reported 2nd quarter 2021 results on a recent 8-k filing. The stock price of $CLF is down as of writing this, but the overall market is down. So, it could be attributed to the general market or the slight earnings miss for Q3 results

 

Before getting into that I'm just going to highlight the earnings estimate and actual earnings

Earnings Estimate was $1.5

Earnings Actual was $1.46

So $CLF missed earnings only slightly and performed way better than the 2nd quarter actual of $0.07

The next earnings estimate for $CLF is 2.19 and I'm pretty confident they will beat this estimate if things continue in this trend

 

Some of the highlights form the $CLF 8-K below:

Second-quarter 2021 consolidated revenues were $5.0 billion, compared to the prior-year second-quarter revenues of $1.1 billion.  

Lourenco Goncalves said: “In the second quarter of 2021 we achieved all-time quarterly records in revenue, net income, and adjusted EBITDA. The numbers unequivocally confirm our efficiency in operating the new footprint, resulting from the integration of the two major steel companies acquired in 2020 as a single and indivisible mining and steel company. They also demonstrate our flawless execution in ramping up our state-of-the-art Direct Reduction plant in Toledo to the current level of production above nominal capacity.”

Steelmaking revenues of $4.9 billion included

$2.0 billion, or 40%, of sales to the distributors and converters market;

$1.3 billion, or 27%, of sales to the infrastructure and manufacturing market;

$1.1 billion, or 23%, of sales to the automotive market;

$532 million, or 10%, of sales to steel producers.

Essentially $CLF is starting to realize the benefits from the recent acquisitions and improvement in operational efficiencies. We also see that the demand for steel is continuing to grow and $CLF is supplying key markets. I sense that as we move into the later half of this year we will see an increase in sales within the infrastructure segment

 

SEC 8-K Filing

 

 

 

 

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read-time
1 min

25.25

Target Price

8/ 10

Confidence

2-6 Months

Timeframe
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Earnings Release
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News
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SEC Filing
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