Cleveland-Cliffs Inc. (CLF) reported a loss per share of $0.02 for the third quarter which included $0.06 per share, of acquisition costs, severance, and inventory step-up amortization. This is compared to profit $0.33 per share, last year. On average, seven analysts polled by Thomson Reuters expected the company to report a loss per share of $0.10, for the quarter. Analysts' estimates typically exclude special items. Adjusted EBITDA declined to $126.3 million from $144.1 million.
Third quarter total revenues were $1.6 billion, compared to $556 million, prior year. Analysts expected revenue of $1.6 billion, for the quarter.
Cliffs' CEO Lourenco Goncalves said: "As we continue to fulfill orders for our automotive customers at a remarkably healthy pace, with our facilities back to normalized operating rates and with current pricing, we would expect further sequential improvement in our adjusted EBITDA performance in the fourth quarter."
As of October 19, 2020, the company had total liquidity of approximately $1.2 billion, consisting of approximately $100 million in cash and approximately $1.1 billion of availability under its ABL credit facility.
Cleveland-Cliffs has lowered its full-year 2020 capital spending budget to approximately $500 million. Fourth-quarter expenditures are anticipated to be approximately $125 million.
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