Cleveland-Cliffs (NYSE:CLF) Issues Earnings Results, Beats Estimates By $0.04 EPS

Key Points

• Cleveland-Cliffs beat quarterly EPS estimates, reporting $0.28 versus the $0.24 consensus, while revenue rose 18.5% year over year to $5.61 billion but fell short of the $5.69 billion forecast.
• The company swung to approximately $165 million in net income from a year-earlier loss, helped by higher steel prices, stronger sales volumes and increased revenue; adjusted EBITDA reached $612 million.
• Analyst sentiment remains mixed: Wells Fargo raised its target to $14 and upgraded the stock, while JPMorgan and Bank of America lowered targets. CLF carries a consensus “Hold” rating with a $12.45 price target.

Cleveland-Cliffs (NYSE:CLF - Get Free Report) posted its quarterly earnings results on Monday. The mining company reported $0.28 EPS for the quarter, topping analysts' consensus estimates of $0.24 by $0.04, FiscalAI reports. Cleveland-Cliffs had a negative return on equity of 13.37% and a negative net margin of 4.56%. The company had revenue of $5.61 billion for the quarter, compared to analysts' expectations of $5.69 billion. During the same period in the previous year, the firm earned ($0.51) EPS. The firm's revenue was up 18.5% compared to the same quarter last year.

Cleveland-Cliffs Stock Performance

CLF stock opened at $12.11 on Monday. The business's fifty day simple moving average is $12.01 and its two-hundred day simple moving average is $11.25. The company has a quick ratio of 0.63, a current ratio of 1.89 and a debt-to-equity ratio of 1.32. The firm has a market cap of $6.91 billion, a price-to-earnings ratio of -7.47, a PEG ratio of 5.73 and a beta of 2.09. Cleveland-Cliffs has a twelve month low of $7.73 and a twelve month high of $16.70.

Trending Headlines about Cleveland-Cliffs

Here are the key news stories impacting Cleveland-Cliffs this week:

• Positive Sentiment: Cleveland-Cliffs swung to a third-quarter GAAP profit, reporting net income of approximately $165 million, or $0.26 per diluted share, compared with a loss in the prior-year period. Cleveland-Cliffs Reports Third-Quarter 2026 Results
• Positive Sentiment: Adjusted EBITDA reached $612 million on $5.6 billion of revenue, exceeding analysts’ EBITDA expectations of roughly $601 million. The company also shipped 4.2 million net tons of steel. Cleveland-Cliffs Expects 2027 Will Be a Very Good Year With Help From Tariffs
• Positive Sentiment: Higher steel prices, increased sales volumes and stronger revenue helped drive the quarterly improvement. Reported adjusted earnings and revenue also surpassed consensus estimates, with earnings producing a 16.67% positive surprise. Cleveland-Cliffs Q3 Earnings and Revenues Beat Estimates
• Positive Sentiment: Management indicated that 2027 could be a particularly strong year, with U.S. tariffs expected to support domestic steel pricing and demand. This outlook contributed to the sharp advance in CLF shares. Cleveland-Cliffs 2027 Outlook
• Neutral Sentiment: Wells Fargo raised its price target for Cleveland-Cliffs to $14, signaling improved analyst expectations, although the target still reflects uncertainty around the cyclical steel market. Wells Fargo Raises Cleveland-Cliffs Stock Target

Wall Street Analyst Weigh In

Several equities research analysts have recently issued reports on CLF shares. JPMorgan Chase & Co. reduced their price objective on shares of Cleveland-Cliffs from $13.00 to $12.00 and set a "neutral" rating on the stock in a research report on Friday, October 9th. Wells Fargo & Company upgraded shares of Cleveland-Cliffs from an "equal weight" rating to an "overweight" rating and upped their target price for the stock from $12.00 to $14.00 in a research report on Tuesday, October 6th. Bank of America cut their target price on shares of Cleveland-Cliffs from $14.00 to $11.50 and set a "neutral" rating for the company in a research note on Thursday, July 9th. Morgan Stanley reiterated an "equal weight" rating and issued a $12.50 price target (up from $12.00) on shares of Cleveland-Cliffs in a report on Monday, June 22nd. Finally, Glj Research boosted their price target on shares of Cleveland-Cliffs from $15.60 to $17.48 and gave the stock a "buy" rating in a research note on Monday, September 21st. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and two have assigned a Sell rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Hold" and a consensus price target of $12.45.

Cleveland-Cliffs Company Profile

Cleveland-Cliffs Inc is an integrated steel producer headquartered in Cleveland, Ohio. The company operates across the steelmaking value chain, including the mining and processing of iron ore, production of iron ore pellets, and manufacturing of finished steel products.

Cleveland-Cliffs primarily produces flat-rolled carbon steel, including hot-rolled, cold-rolled and galvanized products, as well as coated and specialty steel. Its products are used in automotive manufacturing, construction, infrastructure, appliances, machinery and other industrial applications.