Cleveland-Cliffs Inc. (CLF) reported a first-quarter GAAP net loss of $229 million, or $0.42 per diluted share, a notable improvement from a loss of $486 million, or $1.01 per diluted share, in the same period last year. The adjusted net loss was $0.40 per share, significantly better than the $0.93 loss a year ago. The company’s adjusted EBITDA stood at $95 million, despite an $80 million negative impact from a cold-weather energy price spike, compared to an adjusted EBITDA loss of $179 million last year.
Revenue for the quarter rose to $4.9 billion from $4.6 billion a year prior, while steel shipments totaled 4.1 million net tons. Cleveland-Cliffs reaffirmed its steel shipment guidance for 2026 at approximately 16.5-17.0 million net tons.
The stock is trading up 2.16% in pre-market activity, reflecting a positive market reaction to the improved financial performance and outlook. This could signal a potential recovery trajectory for the company amid ongoing sector challenges.
Source: nasdaq.com