NYSE$CLF
Cleveland-Cliffs Inc · Q2 2024 earnings
Q2 2024 earnings · · Investor relations
Briefing
Cleveland-Cliffs reported mixed results for Q2 2024, with revenue slightly decreasing but demonstrating strong free cash flow generation and strategic investments for future growth.
Cleveland-Cliffs reported second-quarter 2024 revenues of $5.1 billion and net income of $9 million. The company generated $362 million in free cash flow and reduced net debt by $237 million. It also repurchased 7.5 million shares during the quarter.
- Revenues reached $5.1 billion.
- Steel shipments amounted to 4.0 million net tons.
- Net income was $9 million, with adjusted EPS at $0.11 per diluted share.
- Free cash flow generation was $362 million.
Headline financials
Revenue & EPS history
Cleveland-Cliffs · Revenue · Quarterly
$5.09B
Revenue by segment
Cleveland-Cliffs · $5.87B total across 1 segment · Q3 2021
- Steelmaking$5.87B—100.0%
Forward guidance
Cliffs expects to benefit in Q3 from another major step down in costs. The automotive sector remains in good shape, and orders from service center customers are expected to increase as seaborne steel imports dry up.
Tailwinds
- Anticipates a major step down in costs in Q3.
- Expects strong performance in the automotive sector.
- Sees increasing orders from service center customers.
- Expects seaborne steel imports to decrease.
- The company is making progress on environmental and social fronts.
Headwinds
- Steel demand was less than ideal during the quarter.
- Pricing remained weak throughout the quarter.
- Uncertainties associated with the highly competitive and cyclical steel industry.
- Potential weaknesses and uncertainties in global economic conditions.
- Impacts of existing and increasing governmental regulation.
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 20 quarterly earnings reports · overlaid with Q2 2024
+0.8%
Avg return
Earnings day
-1.8%
Avg return
5 days after
-2.5%
Avg return
30 days after
55%
40 / 73 earnings
Positive
+23.1%
Q2 2018
Best reaction
-21.1%
Q4 2020
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | -4.6% | +0.3% | +10.0% | |
| Q4 2025 | -16.4% | -29.5% | -37.0% | |
| Q3 2025 | +21.4% | -1.4% | -15.5% | |
| Q2 2025 | -0.7% | -1.9% | +9.9% | |
| Q1 2025 | -15.9% | -10.7% | -10.5% | |
| Q4 2024 | -3.2% | -2.8% | -16.3% | |
| Q3 2024 | -12.5% | -3.0% | -6.3% | |
| Q2 2024 | +4.7% | +2.0% | -15.4% | |
| Q1 2024 | -10.9% | -14.1% | -17.6% | |
| Q4 2023 | +9.3% | +10.4% | +10.2% | |
| Q3 2023 | +7.3% | +9.9% | +15.5% | |
| Q2 2023 | +9.9% | +7.0% | -5.1% | |
| Q1 2023 | -3.8% | -3.1% | -10.6% | |
| Q4 2022 | +2.4% | -0.6% | -11.4% | |
| Q3 2022 | -5.0% | -13.4% | +2.4% | |
| Q2 2022 | -3.4% | -2.9% | +3.8% | |
| Q1 2022 | -6.2% | -7.2% | -26.3% | |
| Q4 2021 | -11.8% | -5.2% | +23.4% | |
| Q3 2021 | +20.1% | +17.2% | +3.7% | |
| Q2 2021 | +1.9% | +5.1% | +8.5% | |
| Q1 2021 | +5.5% | +9.6% | +5.9% | |
| Q4 2020 | -21.1% | -13.1% | -2.0% | |
| Q3 2020 | +3.0% | -3.5% | +11.6% | |
| Q2 2020 | -10.8% | -5.9% | +11.5% | |
| Q1 2020 | -8.9% | -14.9% | +36.7% | |
| Q4 2019 | -6.7% | -15.0% | -58.0% | |
| Q3 2019 | +0.1% | +3.6% | +11.2% | |
| Q2 2019 | +3.1% | +0.6% | -24.9% | |
| Q1 2019 | +6.1% | +5.0% | -2.1% | |
| Q4 2018 | +6.9% | +5.2% | -10.3% | |
| Q3 2018 | -1.2% | -11.2% | -10.3% | |
| Q2 2018 | +23.1% | +22.2% | +11.5% | |
| Q1 2018 | +1.0% | +4.0% | +19.7% | |
| Q4 2017 | -8.6% | -11.0% | -10.3% | |
| Q3 2017 | -8.3% | -8.2% | -17.6% | |
| Q2 2017 | -8.2% | -3.6% | +1.2% | |
| Q1 2017 | -6.5% | -7.8% | -14.6% | |
| Q4 2016 | +17.1% | +26.4% | -8.2% | |
| Q3 2016 | -12.4% | -12.1% | +59.8% | |
| Q2 2016 | +0.8% | +1.4% | -26.5% | |
| Q1 2016 | +22.3% | — | — | |
| Q4 2015 | +4.6% | — | — | |
| Q3 2015 | +4.5% | — | — | |
| Q2 2015 | -10.8% | — | — | |
| Q1 2015 | -11.7% | — | — | |
| Q4 2014 | +5.9% | — | — | |
| Q3 2014 | +17.2% | — | — | |
| Q2 2014 | -0.8% | — | — | |
| Q1 2014 | -1.6% | — | — | |
| Q4 2013 | +5.3% | — | — | |
| Q3 2013 | +6.7% | — | — | |
| Q2 2013 | +7.7% | — | — | |
| Q1 2013 | +21.0% | — | — | |
| Q4 2012 | -19.6% | — | — | |
| Q3 2012 | -12.3% | — | — | |
| Q2 2012 | -9.6% | — | — | |
| Q1 2012 | -4.3% | — | — | |
| Q4 2011 | -2.9% | — | — | |
| Q3 2011 | +2.5% | — | — | |
| Q2 2011 | -4.0% | — | — | |
| Q1 2011 | -0.2% | — | — | |
| Q1 2009 | +3.9% | — | — | |
| Q4 2010 | +3.9% | — | — | |
| Q3 2010 | +4.7% | — | — | |
| Q2 2010 | +4.5% | — | — | |
| Q1 2010 | +1.5% | — | — | |
| Q4 2007 | +13.1% | — | — | |
| Q4 2009 | +13.1% | — | — | |
| Q3 2009 | +1.7% | — | — | |
| Q3 2008 | +1.7% | — | — | |
| Q2 2008 | +10.2% | — | — | |
| Q2 2009 | +10.2% | — | — | |
| Q4 2008 | +10.2% | — | — |
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