In its upcoming report, Cleveland-Cliffs (CLF) is predicted by Wall Street analysts to post quarterly loss of -$0.62 per share, reflecting an increase of 8.8% compared to the same period last year. Revenues are forecasted to be $4.62 billion, representing a year-over-year increase of 6.8%.
The consensus EPS estimate for the quarter has been revised 17.4% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Before a company announces its earnings, it is essential to take into account any changes made to earnings estimates. This is a valuable factor in predicting the potential reactions of investors toward the stock. Empirical research has consistently shown a strong correlation between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
With that in mind, let's delve into the average projections of some Cleveland-Cliffs metrics that are commonly tracked and projected by analysts on Wall Street.
The collective assessment of analysts points to an estimated 'Revenues- Other Businesses' of $161.74 million. The estimate suggests a change of +3% year over year.
The consensus estimate for 'Revenues- Steelmaking' stands at $4.46 billion. The estimate indicates a change of +6.9% from the prior-year quarter.
The consensus among analysts is that 'Revenues- Steelmaking- Coated steel' will reach $1.37 billion. The estimate suggests a change of +11.6% year over year.
Analysts forecast 'Revenues- Steelmaking- Slab and other steel products' to reach $215.64 million. The estimate indicates a change of -13.4% from the prior-year quarter.
Analysts predict that the 'External Sales Volumes - Total steel shipments' will reach 4010 thousands of tons. The estimate compares to the year-ago value of 3827 thousands of tons.
Analysts expect 'Average net selling price per net ton of steel products' to come in at $1004.02 . Compared to the current estimate, the company reported $976.00 in the same quarter of the previous year.
According to the collective judgment of analysts, 'Steel shipments by product - Coated steel' should come in at 1145 thousands of tons. Compared to the current estimate, the company reported 1012 thousands of tons in the same quarter of the previous year.
Analysts' assessment points toward 'Steel shipments by product - Slab and other steel products' reaching 358 thousands of tons. The estimate is in contrast to the year-ago figure of 382 thousands of tons.
Based on the collective assessment of analysts, 'Steel shipments by product - Plate' should arrive at 227 thousands of tons. Compared to the current estimate, the company reported 174 thousands of tons in the same quarter of the previous year.
It is projected by analysts that the 'Steel shipments by product - Cold-rolled steel' will reach 626 thousands of tons. Compared to the present estimate, the company reported 594 thousands of tons in the same quarter last year.
The combined assessment of analysts suggests that 'Steel shipments by product - Hot-rolled steel' will likely reach 1523 thousands of tons. The estimate compares to the year-ago value of 1534 thousands of tons.
The average prediction of analysts places 'Steel shipments by product - Stainless and electrical steel' at 145 thousands of tons. The estimate compares to the year-ago value of 131 thousands of tons.
View all Key Company Metrics for Cleveland-Cliffs here>>>Shares of Cleveland-Cliffs have experienced a change of +7.4% in the past month compared to the +0.9% move of the Zacks S&P 500 composite. With a Zacks Rank #3 (Hold), CLF is expected to mirror the overall market performance in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
Free Report: Profiting from the 2nd Wave of AI Explosion
The next phase of the AI explosion is poised to create significant wealth for investors, especially those who get in early. It will add literally trillion of dollars to the economy and revolutionize nearly every part of our lives.
Investors who bought shares like Nvidia at the right time have had a shot at huge gains.
But the rocket ride in the "first wave" of AI stocks may soon come to an end. The sharp upward trajectory of these stocks will begin to level off, leaving exponential growth to a new wave of cutting-edge companies.
Zacks' AI Boom 2.0: The Second Wave report reveals 4 under-the-radar companies that may soon be shining stars of AI’s next leap forward.
Access AI Boom 2.0 now, absolutely free >>Cleveland-Cliffs Inc. (CLF) : Free Stock Analysis Report
This article originally published on Zacks Investment Research (zacks.com).
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
