Cleveland-Cliffs shares jump on raising 2027 outlook, first quarterly profit in 2 years

Cleveland-Cliffs

Mon 14:20

Oct 19 (Reuters) - Cleveland-Cliffs CLF.N raised its 2027 core profit forecast on Monday, after stronger prices and lower costs helped the steelmaker post its first quarterly profit in more than 2 years.
     The news sent the company's shares up as much as 14% in premarket trading.
Here are some more details:
It posted an adjusted per-share profit of 28 cents in the third quarter, compared with a loss of 45 cents in the prior year
Analysts had expected adjusted profit of 19 cents per share, according to data compiled by LSEG
Third-quarter adjusted EBITDA of $612 million topped the company's own projection of $575 million
Cleveland Cliffs now expects 2027 adjusted earnings before interest, taxes, depreciation and amortization of more than $4 billion, compared with its earlier forecast of $3.3 billion
Better pricing and recently signed contracts prompted the company to raise its 2027 adjusted EBITDA forecast, CEO Lourenco Goncalves said
US steelmakers are benefiting from firmer steel prices, supported by favorable trade policies
It now expects fourth-quarter EBITDA of about $715 million



 (Reporting by Anshuman Tripathy in Bengaluru; Editing by Leroy Leo)
 ((Anshuman.Tripathy@thomsonreuters.com;))