Cleveland-Cliffs Q3 2023 net income $275M, EPS $0.52, revenue $5.6B, adjusted EBITDA $614M

CLEVELAND-CLIFFS INC.

2023-Q3 EPS reported $1.08 revenue$16,884,000,000

Net income $275M, diluted EPS $0.52 vs $165M ($0.29) in Q3 2022; adjusted EBITDA $614M up from $463M.
Steel shipments 4.1M net tons (record automotive); average selling price $1,203/ton; revenues $5.6B.
Free cash flow $605M; net debt reduced to $3.4B; total liquidity $4.4B.
Repurchased 3.9M shares at $15.09 avg; full-year capex guidance lowered to $670M from $700M midpoint.
Expects $15/ton cost reduction from Q3 to Q4 with further cost cuts in 2024; UAW strike impact mitigated.

item 2.02 item 9.01

Key facts

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Earnings Releases SEC 8-K Item 2.02 confidence 0.95

CLEVELAND-CLIFFS INC. reported third quarter 2023 for the period ended September 30, 2023 results: revenue Revenues of $5.6 billion, net income Net income of $275 million, EPS Earnings per diluted share attributable to Cliffs shareholders of $0.52.

Period: third quarter 2023 for the period ended September 30, 2023
Revenue: Revenues of $5.6 billion
Net income: Net income of $275 million
EPS: Earnings per diluted share attributable to Cliffs shareholders of $0.52
Result: reported results

Exact text from the filing

Cleveland-Cliffs Inc. (NYSE: CLF) today reported third-quarter results for the period ended September 30, 2023. Selected financial results for the third quarter of 2023 include: • Revenues of $5.6 billion • Steel shipments of 4.1 million net tons, including record automotive shipments • Net income of $275 million • Earnings per diluted share attributable to Cliffs shareholders of $0.52

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Source: SEC EDGAR

accession 0000764065-23-000159

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