Plus   Neg

Cleveland-Cliffs Q1 Loss Narrows; Board Approves Additional Share Buyback

Cleveland-Cliffs Inc. (CLF) on Thursday reported a net loss for the first quarter of $22.1 million, or $0.08 per share, narrower than net loss of $84.3 million or $0.29 per share in the prior-year quarter.

Consolidated revenues for the quarter declined to $157 million from $180 million in the year-ago period.

On average, analysts polled by Thomson Reuters expected the company to report loss of $0.13 per share for the quarter on revenues of $127.58 million. Analysts' estimates typically exclude special items.

Looking ahead, the company said it expects to generate in excess of $800 million dollars in adjusted EBITDA in 2019.

In November 2018, the company's board of directors had authorized the company to buy back its common shares up to a maximum of $200 million worth of shares.

On April 24, 2019, the board authorized an additional amount of up to $100 million. With that, the company currently has the ability to buy up to an increased amount of about $129 million of its common shares, which results from the additional $100 million of share buyback authorization plus approximately $29 million remaining from the earlier authorization.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
U.S. President Donald Trump said he discussed with Apple Inc.'s CEO Tim Cook about the impact of the U.S. tariffs on goods imported from China as well as the competition for Apple from South Korea's Samsung Electronics Co. Cook reportedly warned Trump that the tariffs on Chinese imports would hurt Apple's business as the tech giant relies heavily on manufacturing in China. Just Egg, a plant-based egg alternative, will be available in 2,100 stores owned by grocery chain Kroger Co. later this month. The product launch comes as plant-based meat and egg alternatives gain traction in the country. Just Egg, a product of California-based food technology company Just Inc., will be available at Kroger-owned stores, including Kroger, Fred Meyer and Ralphs. Boeing has delivered the first 787-10 Dreamliner to Vietnam Airlines, the flag carrier of Vietnam, as part of the eight 787-10 Dreamliner airplanes to be delivered on lease through Air Lease. Vietnam Airlines said the 787-10 Dreamliner, claimed by Boeing to be the most fuel-efficient twin-aisle airplane in the industry, will help it raise the customer experience on the Hanoi to Ho Chi Minh route.
Follow RTT