Cleveland-Cliffs Inc (NYSE: CLF) is having an overwhelmingly strong day in the market today, and for good reason. The company reported its earnings for the fourth quarter, beating expectations and setting the stage for an amazing 2018 year. Today, we’ll talk about what we saw from the earnings report, what we’re seeing from CLF as a result, and what we’ll be watching for ahead.
CLF Gains On Strong Earnings
As mentioned above, Cleveland-Cliffs is having an incredibly strong start to the trading session in the market today after reporting its earnings for the fourth quarter of 2017. Of course, the report proved to be overwhelmingly positive, leading to excitement among investors. Here’s what we saw from the report:
- Earnings – In terms of earnings, CLF definitely did not disappoint. During the quarter, the company generated earnings in the amount of $1.05 per share. This proved an big beat over the $0.15 that was expected by analysts, according to NASDAQ. The figure also shows massive gains over the $0.41 reported last year.
- Revenue – When it comes to revenue, CLF slightly missed the mark. During the fourth quarter, analysts expected that the company would generate revenue in the amount of $619 million. However, the company actually reported revenue for the quarter in the amount of $601 million.
In a statement, Lourenco Goncalves, Chairman, President and CEO at CLF, had the following to offer:
Cleveland-Cliffs delivered in 2017 strong and sustainable financial results, and that was exactly what I promised one year ago. As a consequence of the several successful initiatives implemented in overall strategy, commercial, operations, and finance since I joined this great company in August of 2014, we have delivered in 2017 the second consecutive year of greater than 25 percent EBITDA growth… 2017 was also the year in which the industry finally woke up to the importance of both rational supply behavior and environmental compliance. This new, more logical approach to business should provide us solid support to deliver even stronger results in 2018.
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