CLEVELAND-CLIFFS INC Reports Second Quarter Earnings Results for FY2023
August 8, 2023
🌥️Earnings Overview
CLEVELAND-CLIFFS ($NYSE:CLF): On July 24 2023, Cleveland-Cliffs Inc. reported their earnings results for the second quarter of FY2023, which ended on June 30 2023. Furthermore, the net income for the quarter declined by 41.8% year-over-year to USD 347.0 million.
Share Price
The stock opened at $16.1 and closed at $16.5, up by 3.3% from last closing price of 16.0. The company’s second quarter earnings report was followed by an investor conference call which discussed the company’s long-term strategy and outlook. During the call, management highlighted their focus on ramping up production and reducing costs across their operations. They also outlined plans to expand in the energy industry through acquisitions and joint ventures. Overall, CLEVELAND-CLIFFS INC has had a successful second quarter earnings report.
The stock has seen significant growth since the beginning of the year, indicating a strong outlook for the future. The company’s focus on reducing costs and expanding in the energy industry will ensure that they are well positioned to capitalize on future growth opportunities. Investors should keep an eye on CLEVELAND-CLIFFS INC as the company continues to deliver value for shareholders. Live Quote…
About the Company
Income Snapshot
Below shows the total revenue, net income and net margin for Cleveland-cliffs Inc. More…
| Total Revenues | Net Income | Net Margin |
| 21.98k | 228 | 1.0% |
Cash Flow Snapshot
Below shows the cash from operations, investing and financing for Cleveland-cliffs Inc. More…
| Operations | Investing | Financing |
| 1.87k | -779 | -1.11k |
Balance Sheet Snapshot
Below shows the total assets, liabilities and book value per share for Cleveland-cliffs Inc. More…
| Total Assets | Total Liabilities | Book Value Per Share |
| 18.3k | 10.26k | 14.65 |
Key Ratios Snapshot
Some of the financial key ratios for Cleveland-cliffs Inc are shown below. More…
| 3Y Rev Growth | 3Y Operating Profit Growth | Operating Margin |
| 105.3% | 65.4% | 3.1% |
| FCF Margin | ROE | ROA |
| 4.9% | 5.6% | 2.3% |
Analysis
As GoodWhale, I have undertaken the task of analyzing the fundamentals of CLEVELAND-CLIFFS INC. When reviewing the company through our Star Chart, it became apparent that CLEVELAND-CLIFFS INC is strong in growth, medium in asset, profitability and weak in dividend. The overall health score for this company is 6/10 which implies that it may be able to sustain future operations in times of crisis. We have classified CLEVELAND-CLIFFS INC as ‘rhino’, which indicates that the company has achieved moderate revenue or earnings growth. This type of company is likely to be of interest to value investors and those who are looking for steady growth in their portfolios. More…
Peers
Cleveland-Cliffs Inc is one of the largest steel producers in the United States. The company’s main competitors are Nucor Corp, Steel Dynamics Inc, and United States Steel Corp. All four companies are large steel producers with a significant presence in the United States market.
– Nucor Corp ($NYSE:NUE)
Nucor Corporation is an American steel producer. Nucor is the largest steel producer in the United States. The company is the largest producer of steel reinforcement bars and steel joists in North America, and is the largest “minimill” steelmaker (that is, it uses electric arc furnaces to melt scrap steel as opposed to blast furnaces to melt iron). Nucor is also North America’s largest recycler of ferrous metals.
– Steel Dynamics Inc ($NASDAQ:STLD)
With a market cap of over $17 billion, Steel Dynamics is one of the largest steel producers in the United States. The company has a long history dating back to 1993, and it is headquartered in Fort Wayne, Indiana. Steel Dynamics produces a variety of steel products including hot rolled, cold rolled, and galvanized steel, as well as a variety of steel products for the automotive, construction, and appliance industries. The company has a strong focus on quality and customer satisfaction, and it has been recognized as one of the world’s most ethical companies. Steel Dynamics has a return on equity of 50.1%, which is significantly higher than the average for the steel industry. The company’s strong financial performance is due in part to its efficient operations and its commitment to shareholder value.
– United States Steel Corp ($NYSE:X)
United States Steel Corporation is an American integrated steel producer with major production operations in the United States, Canada, and Central Europe. The company’s global presence also extends to Mexico and the Caribbean. U. S. Steel is the largest domestic steel producer and the largest of the so-called mini-mill operators.
Summary
CLEVELAND-CLIFFS INC reported their earnings for the second quarter of FY2023 on July 24, showing total revenue of USD 5984.0 million, a decrease of 5.6% year-over-year. Net income decreased 41.8% to USD 347.0 million. Despite the decreased earnings, the stock price of the company moved up on the same day.
Thus, investing in CLEVELAND-CLIFFS INC is still attractive, especially for long-term investors. The company appears to have a resilient business model despite the current economic downturn and may be well-positioned to take advantage of future market opportunities.
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