Wall Street analysts forecast that Cleveland-Cliffs (CLF) will report quarterly loss of -$0.18 per share in its upcoming release, pointing to a year-over-year increase of 64%. It is anticipated that revenues will amount to $5.15 billion, exhibiting an increase of 4.4% compared to the year-ago quarter.
Over the last 30 days, there has been an upward revision of 45.3% in the consensus EPS estimate for the quarter, leading to its current level. This signifies the covering analysts' collective reconsideration of their initial forecasts over the course of this timeframe.
Prior to a company's earnings release, it is of utmost importance to factor in any revisions made to the earnings projections. These revisions serve as a critical gauge for predicting potential investor behaviors with respect to the stock. Empirical studies consistently reveal a strong link between trends in earnings estimate revisions and the short-term price performance of a stock.
While investors usually depend on consensus earnings and revenue estimates to assess the business performance for the quarter, delving into analysts' forecasts for certain key metrics often provides a more comprehensive understanding.
With that in mind, let's delve into the average projections of some Cleveland-Cliffs metrics that are commonly tracked and projected by analysts on Wall Street.
Based on the collective assessment of analysts, 'Revenues- Other Businesses' should arrive at $170.67 million. The estimate indicates a change of +4.7% from the prior-year quarter.
The average prediction of analysts places 'Revenues- Steelmaking' at $4.99 billion. The estimate suggests a change of +4.6% year over year.
Analysts forecast 'Revenues- Steelmaking- Stainless and electrical steel' to reach $424.94 million. The estimate suggests a change of -2.1% year over year.
The consensus among analysts is that 'Revenues- Steelmaking- Plate steel' will reach $282.19 million. The estimate indicates a change of +2.6% from the prior-year quarter.
It is projected by analysts that the 'Revenues- Steelmaking- Other' will reach $418.00 million. The estimate indicates a year-over-year change of +0.2%.
The collective assessment of analysts points to an estimated 'External Sales Volumes - Total steel Products' of 4105 thousands of tons. Compared to the present estimate, the company reported 4290 thousands of tons in the same quarter last year.
Analysts expect 'Average net selling price per net ton of steel products' to come in at $1109.49 . The estimate is in contrast to the year-ago figure of $1015.00 .
According to the collective judgment of analysts, 'Steel shipments by product - Coated steel' should come in at 1269 thousands of tons. The estimate is in contrast to the year-ago figure of 1142 thousands of tons.
The consensus estimate for 'Steel shipments by product - Plate' stands at 203 thousands of tons. The estimate compares to the year-ago value of 217 thousands of tons.
Analysts predict that the 'Steel shipments by product - Cold-rolled steel' will reach 660 thousands of tons. Compared to the current estimate, the company reported 627 thousands of tons in the same quarter of the previous year.
Analysts' assessment points toward 'Steel shipments by product - Hot-rolled steel' reaching 1787 thousands of tons. Compared to the present estimate, the company reported 1727 thousands of tons in the same quarter last year.
The combined assessment of analysts suggests that 'Steel shipments by product - Stainless and electrical steel' will likely reach 132 thousands of tons. The estimate compares to the year-ago value of 135 thousands of tons.
View all Key Company Metrics for Cleveland-Cliffs here>>>Over the past month, shares of Cleveland-Cliffs have returned -24.4% versus the Zacks S&P 500 composite's +0.6% change. Currently, CLF carries a Zacks Rank #2 (Buy), suggesting that it may outperform. the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>> .
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Cleveland-Cliffs Inc. (CLF): Free Stock Analysis Report
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