NYSE$CLF
Cleveland-Cliffs Inc · Q4 2022 earnings
Q4 2022 earnings · · Investor relations
Briefing
Cleveland-Cliffs reported a net loss of $204 million and revenues of $5.0 billion for Q4 2022, with free cash flow of $262 million.
Cleveland-Cliffs Inc. reported full-year and fourth-quarter results for the period ended December 31, 2022. The company reported Q4 revenues of $5.0 billion and a net loss of $204 million. Despite the loss, the company generated healthy free cash flow of $262 million and achieved its targeted unit cost reduction of $80 per net ton.
- Q4 2022 consolidated revenues were $5.0 billion, compared to $5.3 billion in the prior-year fourth quarter.
- The Company recorded a net loss of $204 million, corresponding to a loss of $0.41 per diluted share attributable to Cliffs shareholders.
- Fourth-quarter 2022 Adjusted EBITDA was $123 million, compared to $1.5 billion in the fourth quarter of 2021.
- The company expects a $115 per ton increase on fixed price contracts for its direct automotive business in 2023 compared to 2022.
Headline financials
Revenue & EPS history
Cleveland-Cliffs · Revenue · Quarterly
$5.04B
Revenue by segment
Cleveland-Cliffs · $5.87B total across 1 segment · Q3 2021
- Steelmaking$5.87B—100.0%
Forward guidance
Cleveland-Cliffs expects improved profitability throughout 2023, driven by higher fixed price contracts, declining unit costs, and improved sales volumes. The company anticipates a $115 per ton increase on fixed price contracts for its direct automotive business and expects its Q1 2023 Adjusted EBITDA to exceed Q4 2022 performance.
Tailwinds
- Expected $115 per ton increase on fixed price contracts for direct automotive business.
- Anticipated $2 billion reduction in Steelmaking COGS in 2023 compared to 2022.
- Expected sequential decline of $50 per ton in Steelmaking unit costs during Q1 2023.
- Anticipated further reductions in unit costs into Q2 and Q3 2023.
- Expected Q1 2023 Adjusted EBITDA to exceed Q4 2022 performance.
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 Q4 2022
+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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