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Cleveland-Cliffs (NYSE:CLF) +1.4% post-market Monday after reporting better than expected Q2 adjusted earnings and guiding for lower capital expenditures for the full year.
The steelmaker eked out a Q2 GAAP profit of $2M, or less than $0.01/share, compared with a GAAP profit of $347M, or $0.68/share, in the year-earlier quarter; gross margin fell to $145M from $629M last quarter.
Q2 adjusted EBITDA fell to $323M from $414M in Q1 but came in well ahead of the $284M Bloomberg consensus estimate.
Cleveland-Cliffs (CLF) cut its full-year capex guidance to $650M-$700M from its previous outlook of $675M-$725M, and said its target of Y/Y steel unit cost reductions of ~$30/net ton remains on track.
CEO Lourenco Goncalves said $362M free flow cash generation during the quarter showed the company’s ability to continue performing despite adverse business conditions including “less than ideal” demand and…
