Markets
CLF

Cleveland-Cliffs Q3 Adj. EBITDA Declines - Quick Facts

(RTTNews) - Cleveland-Cliffs Inc. (CLF) reported a loss per share of $0.02 for the third quarter which included $0.06 per share, of acquisition costs, severance, and inventory step-up amortization. This is compared to profit $0.33 per share, last year. On average, seven analysts polled by Thomson Reuters expected the company to report a loss per share of $0.10, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA declined to $126.3 million from $144.1 million.

Third quarter total revenues were $1.6 billion, compared to $556 million, prior year. Analysts expected revenue of $1.6 billion, for the quarter.

Cliffs' CEO Lourenco Goncalves said: "As we continue to fulfill orders for our automotive customers at a remarkably healthy pace, with our facilities back to normalized operating rates and with current pricing, we would expect further sequential improvement in our adjusted EBITDA performance in the fourth quarter."

As of October 19, 2020, the company had total liquidity of approximately $1.2 billion, consisting of approximately $100 million in cash and approximately $1.1 billion of availability under its ABL credit facility.

Cleveland-Cliffs has lowered its full-year 2020 capital spending budget to approximately $500 million. Fourth-quarter expenditures are anticipated to be approximately $125 million.

The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

In This Story

CLF

Latest Markets Videos

RTTNews

Founded in the late 1990s by Andrew Mariathasan in New York, with the goal of covering Wall Street for a new generation of investors, RTTNews has expanded steadily over the years to become a trusted provider of content for a wide array of subjects across several platforms. RTT's Financial Newswire is relied upon by some of the world's largest financial institutions, including banks, brokerages, trading platforms and financial exchanges.

Learn More