NYSE$CLF
Cleveland-Cliffs Inc · Q3 2023 earnings
Q3 2023 earnings · · Investor relations
Briefing
Cleveland-Cliffs reported strong Q3 2023 results driven by robust automotive shipments and effective cost management.
Cleveland-Cliffs reported a net income of $275 million and an adjusted EBITDA of $614 million. The company generated over $600 million in free cash flow, which was used to reduce debt and repurchase shares. Record automotive steel shipments and a decrease in unit cost per ton contributed to the positive results.
- Steel shipments exceeded 4 million tons for the third consecutive quarter.
- Free cash flow generation was over $600 million, enabling debt reduction and share repurchases.
- Automotive steel shipments reached a new record.
- Unit cost per ton of steel decreased by $165 compared to the previous year.
Headline financials
Revenue & EPS history
Cleveland-Cliffs · Revenue · Quarterly
$5.61B
Revenue by segment
Cleveland-Cliffs · $5.87B total across 1 segment · Q3 2021
- Steelmaking$5.87B—100.0%
Forward guidance
The Company expects a further $15 per net ton reduction in steel unit costs from Q3 to Q4 2023, with additional cost reductions expected into 2024. Working capital is expected to provide a significant benefit to free cash flow in Q4 2023. The full-year 2023 capital expenditures expectation lowered to $670 million.
Tailwinds
- Anticipated cost reduction of $15 per net ton in steel unit costs from Q3 to Q4 2023.
- Further cost reductions expected into 2024.
- Working capital expected to significantly benefit free cash flow in Q4 2023.
- Full-year 2023 capital expenditures expectation lowered to $670 million.
- Locked in approximate $250 million cost reduction related to purchases of metallurgical coal.
Headwinds
- Continued volatility of steel, iron ore and scrap metal market prices.
- Uncertainties associated with the highly competitive and cyclical steel industry.
- Potential weaknesses and uncertainties in global economic conditions.
- Excess global steelmaking capacity and oversupply of iron ore.
- Prevalence of steel imports and reduced market demand, including as a result of inflationary pressures.
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 Q3 2023
+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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