Wall Street analysts forecast that Cleveland-Cliffs (CLF) will report quarterly loss of $0.58 per share in its upcoming release, pointing to a year-over-year decline of 1060%. It is anticipated that revenues will amount to $4.31 billion, exhibiting a decline of 15.6% compared to the year-ago quarter.
The consensus EPS estimate for the quarter has been revised 22.9% lower over the last 30 days to the current level. This reflects how the analysts covering the stock have collectively reevaluated their initial estimates during this timeframe.
Ahead of a company's earnings disclosure, it is crucial to give due consideration to changes in earnings estimates. These revisions serve as a noteworthy factor in predicting potential investor reactions to the stock. Numerous empirical studies consistently demonstrate a strong relationship between trends in earnings estimate revision and the short-term price performance of a stock.
While investors typically use consensus earnings and revenue estimates as indicators of quarterly business performance, exploring analysts' projections for specific key metrics can offer valuable insights.
Given this perspective, it's time to examine the average forecasts of specific Cleveland-Cliffs metrics that are routinely monitored and predicted by Wall Street analysts.
The average prediction of analysts places 'Revenues- Other Businesses' at $154.30 million. The estimate suggests a change of -2.3% year over year.
It is projected by analysts that the 'Revenues- Steelmaking' will reach $4.23 billion. The estimate indicates a year-over-year change of -14.7%.
Analysts forecast 'Revenues- Steelmaking- Coated steel' to reach $1.38 billion. The estimate points to a change of -8.3% from the year-ago quarter.
According to the collective judgment of analysts, 'Revenues- Steelmaking- Slab and other steel products' should come in at $243.21 million. The estimate suggests a change of -22.6% year over year.
Based on the collective assessment of analysts, 'External Sales Volumes- Steel Products' should arrive at 3,819.69 Ton. The estimate is in contrast to the year-ago figure of 4,039 Ton.
The consensus estimate for 'Average net selling price per net ton of steel products' stands at $986.27. Compared to the current estimate, the company reported $1,093 in the same quarter of the previous year.
Analysts expect 'Volumes - Steelmaking - Coated steel' to come in at 1,110.18 Ton. Compared to the present estimate, the company reported 1,140 Ton in the same quarter last year.
Analysts' assessment points toward 'Volumes - Steelmaking - Slab and other steel products' reaching 344.40 Ton. Compared to the current estimate, the company reported 473 Ton in the same quarter of the previous year.
The collective assessment of analysts points to an estimated 'Volumes - Steelmaking - Plate' of 172.51 Ton. Compared to the current estimate, the company reported 213 Ton in the same quarter of the previous year.
The consensus among analysts is that 'Volumes - Steelmaking - Cold-rolled steel' will reach 568.06 Ton. The estimate is in contrast to the year-ago figure of 583 Ton.
Analysts predict that the 'Volumes - Steelmaking - Hot-rolled steel' will reach 1,453.94 Ton. The estimate is in contrast to the year-ago figure of 1,472 Ton.
The combined assessment of analysts suggests that 'Volumes - Steelmaking - Stainless and electrical steel' will likely reach 167.96 Ton. The estimate compares to the year-ago value of 158 Ton.
View all Key Company Metrics for Cleveland-Cliffs here>>>
Over the past month, shares of Cleveland-Cliffs have returned +11.8% versus the Zacks S&P 500 composite's +4.7% change. Currently, CLF carries a Zacks Rank #5 (Strong Sell), suggesting that it may underperform the overall market in the near future. You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
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