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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.
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.
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.
Cleveland-Cliffs said it repurchased 7.5 million ...