Cleveland-Cliffs Q1 adj. net income $87M, launches $1.5B share repurchase

CLEVELAND-CLIFFS INC.

2024-Q1 EPS reported -$0.14 revenue$5,199,000,000

Revenues of $5.2B; GAAP net loss $53M (diluted EPS -$0.14) but adjusted net income $87M ($0.18 adj. EPS).
Adjusted EBITDA $414M, up 70% YoY and 48% QoQ; steel shipments 3.9M net tons.
Repurchased 30.4M shares (6% of outstanding) at avg $18.79; fully utilized prior $1B program.
Board authorized new $1.5B share buyback program; net debt $3.6B, liquidity $4.0B.
Maintained FY2024 guidance: steel shipments 16.5M net tons, capex $675-725M, $500M EBITDA benefit from cost cuts.

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 first quarter ended March 31, 2024 results: revenue $5.2 billion, net income $53 million, EPS $0.14 per diluted share. Guidance reaffirmed.

Period: first quarter ended March 31, 2024
Revenue: $5.2 billion
Net income: $53 million
EPS: $0.14 per diluted share
Guidance: reaffirmed
Result: reported results

Exact text from the filing

reported first-quarter results for the period ended March 31, 2024. First Quarter 2024 Highlights • Repurchased 30.4 million shares, or 6% of total outstanding • Revenues of $5.2 billion • Steel shipments of 3.9 million net tons • GAAP net loss of $53 million and adjusted net income 1 of $87 million • Adjusted EPS 1 of $0.18 per diluted share • Adjusted EBITDA 2

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Source: SEC EDGAR

accession 0000764065-24-000105

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