Cleveland-Cliffs beats Q1 revenue estimates

Cleveland-Cliffs

20/04/2026 11:14

Overview

US steel producer exceeded analyst expectations for Q1 revenue

Company reported wider-than-expected adjusted loss per share of $0.40

Co reported adjusted EBITDA of $95 mln, impacted by $80 mln one-time energy cost from extreme cold weather

Outlook

Company maintains 2026 steel shipment guidance at 16.5-17.0 mln net tons

Cleveland-Cliffs expects 2026 capital expenditures of about $700 mln

Company expects sequential improvement in earnings and cash flow through 2026

Result Drivers

HIGHER SHIPMENTS AND PRICES - Increased steel shipments and higher average selling prices contributed to Q1 revenue growth

ONE-TIME ENERGY COST - Company reported a one-time $80 mln negative impact from a cold-weather driven energy price spike

PRICE REALIZATION LAGS - Company cited price realization lags as a headwind impacting Q1 results

Company press release: ID:nBw1PZKCda

Key Details

Metric
Beat/Miss
Actual
Consensus Estimate
Q1 Revenue
Beat
$4.90 bln
$4.78 bln (9 Analysts)
Q1 Adjusted EPS
Miss
-$0.40
-$0.39 (8 Analysts)
Q1 EPS
-$0.42
Q1 Net Income
-$229 mln


Analyst Coverage

The current average analyst rating on the shares is "hold" and the breakdown of recommendations is 2 "strong buy" or "buy", 11 "hold" and 2 "sell" or "strong sell"

The average consensus recommendation for the iron & steel peer group is "buy."

Wall Street's median 12-month price target for Cleveland-Cliffs Inc is $12.29, about 23.6% above its April 17 closing price of $9.94

For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.

(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)