Cleveland-Cliffs reports Q1 results: net loss $42M, revenue $5.3B, adjusted EBITDA $243M

CLEVELAND-CLIFFS INC.

2023-Q1 EPS reported -$0.11 revenue$5,295,000,000

GAAP net loss of $42M ($0.11 diluted EPS) vs Q4 2022 loss of $204M ($0.41).
Adjusted EBITDA of $243M, up from $123M in Q4 2022.
Steel shipments of 4.1M net tons; average selling price $1,128/ton.
Direct automotive sales mix increased to 36% of steelmaking revenues.
Full-year 2023 capex guidance lowered to $675-$725M from $700-$750M.

item 2.02 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

CLEVELAND-CLIFFS INC. reported first-quarter 2023 results: revenue $5.3 billion, net income GAAP net loss of $42 million, EPS $0.11 per diluted share. Guidance lowered.

Period: first-quarter 2023
Revenue: $5.3 billion
Net income: GAAP net loss of $42 million
EPS: $0.11 per diluted share
Guidance: lowered
Result: reported results

Exact text from the filing

First-quarter 2023 revenues were $5.3 billion, compared to $5.0 billion in the fourth quarter of 2022. For the first quarter of 2023, the Company recorded a GAAP net loss of $42 million, corresponding to a GAAP net loss per diluted share attributable to Cliffs shareholders of $0.11.

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Source: SEC EDGAR

accession 0000764065-23-000079

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