What's Going On With Cleveland-Cliffs Stock Today?

Cleveland-Cliffs Inc CLF shares are sliding Tuesday morning after the company reported first-quarter results.

What Happened: Cleveland-Cliffs reported first-quarter revenue of $5.3 billion, up from $5 billion year-over-year and above analyst estimates of $5.21 billion, according to Benzinga Pro.

The company reported a quarterly loss of 11 cents per share, which beat estimates for a loss of 19 cents per share. 

Cleveland-Cliffs shipped 4.1 million net tons of steel during the quarter, which consisted of 36% hot-rolled, 29% coated, 15% cold-rolled, 5% plate, 4% stainless and electrical and 11% other.

"In the first quarter, direct sales to automotive clients in our mix increased to 36%, confirming our view that our most important market is strong, and getting stronger. We expect that, throughout 2023, Cleveland-Cliffs should benefit from higher sales volumes to the automotive sector, and also from the increased prices," said Lourenco Goncalves, chairman, president and CEO of Cleveland-Cliffs.

The company had total liquidity of $3.1 billion as of April 21. Cleveland-Cliffs lowered its full-year 2023 capital expenditures outlook from a range of $700 million to $750 million to a range of $675 million to $725 million. The company also said it anticipates another year of "great cash flow."

See Also: First Republic Bank Shares Are Tumbling: What's Going On?

CLF Price Action: Cleveland-Cliffs shares were down 2.1% at $15.87 at the time of publication, according to Benzinga Pro.

Photo: Janno Nivergall from Pixabay.