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FINWIRES

Research Alert: Cleveland-cliffs Q1 Beat On Sales And Eps Despite Negative Weather Impact

-- CFRA, an independent research provider, has providedwith the following research alert. Analysts at CFRA have summarized their opinion as follows:

CLF posted Q1 adj. loss per share of $0.40 vs. $0.93 loss prior year, beating consensus by $0.02, with revenue of $4.92B up 6.3% Y/Y, beating consensus by 2.7%, led by higher steel shipments of 4.1M net tons and average selling prices of $1,048/ton. Steel operations returned to positive cash margins of $136M vs. $149M loss prior year, though $80M weather-related EBITDA impact masked underlying strength. Trade enforcement supports domestic pricing while POSCO negotiations remain ongoing as a strategic priority. Management reaffirmed full-year 2026 guidance for steel shipments of 16.5-17.0M net tons. We expect sequential quarterly improvement through 2026 with the $500M EBITDA benefit from slab contract termination and positive free cash flow anticipated in Q2. Key monitoring areas include Q2 cash generation, PKX partnership developments, and automotive volume progression under multiyear contracts, with $7.3B net debt requiring continued debt reduction focus as EBITDA improves.

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