TLDR
- CLF reported Q1 adjusted EBITDA of $95M, beating the $92M Wall Street estimate
- EPS came in at -$0.40, missing the -$0.37 consensus by $0.03
- Revenue of $4.92B beat the $4.84B estimate
- The stock fell roughly 1% in premarket trading to $9.84 despite the mixed results
- Trump’s trade enforcement has pushed steel imports to their lowest levels since the global financial crisis
Cleveland-Cliffs had a mixed Q1 — beat on revenue and EBITDA, missed on EPS — and the market wasn’t impressed. The stock slipped anyway.
$CLF – Cleveland-Cliffs Inc
Q1 2026🟩 Revenue: $4.92B Vs. $4.81B est.
🟩 Adj EPS: -$0.4 Vs -$0.41 est. pic.twitter.com/gs01l7nLxd— EarningsTime (@Earnings_Time) April 20, 2026
CLF reported first-quarter adjusted EBITDA of $95 million on Monday, edging past Wall Street’s $92 million estimate. That’s a sharp turnaround from a year ago, when the company posted an EBITDA loss of $174 million.
Revenue came in at $4.92 billion, above the $4.84 billion consensus. But EPS landed at -$0.40, missing the -$0.37 estimate by three cents.
The company flagged a one-time $80 million energy cost hit tied to extreme cold weather during the quarter. Without that, the underlying numbers look considerably stronger.
Shipments held roughly flat year over year at 4.1 million tons. Pricing, however, improved. CLF’s average selling price rose to $1,048 per ton, up from $980 a year ago.
The stock opened at $9.91 and was trading around $9.84 in premarket, down about 1%. That puts it well below its 200-day moving average of $11.80.
CLF entered the week down 25% year-to-date, though it’s up 36% over the past 12 months. The 1-year range sits between $5.63 and $16.70.
Trade Policy Playing a Real Role
CEO Lourenco Goncalves didn’t mince words on the trade front. “Trade enforcement in the United States is working exactly as intended, with steel imports at their lowest levels since the global financial crisis,” he said in the earnings release.
Hot-rolled coil prices are currently around $1,100 per ton — up from below $700 before tariffs on imported steel and aluminum were put in place in early 2025.
In April, the Trump administration updated the tariff structure. Companies now pay a flat 25% fee on the full value of products made substantially from steel, aluminum, or copper — rather than a tariff based only on the metal content’s value.
The company held its full-year guidance steady. It expects shipments of 16.5 to 17.0 million tons and capital spending of around $700 million.
Analyst and Insider Activity
Analyst sentiment is mixed. The stock carries an average “Hold” rating from 11 analysts, with two Buy ratings, seven Holds, and two Sells. The average price target sits at $12.69 — well above current levels.
Argus upgraded CLF to “Hold” on April 6. Wells Fargo cut its target from $12 to $9. Citigroup raised its target from $11 to $13. GLJ Research kept a “Sell” rating with a $9.42 target.
Insider Moves
On the insider front, Director Edilson Camara bought 19,700 shares at $10.13 in February — an 88% increase in his position. COO Clifford T. Smith sold 200,000 shares at $10.46 around the same time, reducing his stake by about 26%.
Institutional investors own 67.68% of CLF. Recent buyers include Focus Partners Wealth, Prudential Financial, and Invesco, which added over 520,000 shares in Q2.
The company’s debt-to-equity ratio stands at 1.15, with a current ratio of 1.95 and a market cap of $5.65 billion.
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