Cleveland-Cliffs Shares Rise 12% After Q3 Profit Rebound
Photo: TokenPost
Cleveland-Cliffs shares climbed 12.39% to $13.65 in premarket trading Monday, Oct. 19, after the steelmaker returned to quarterly profit and reported higher revenue, shipments and average selling prices. The company posted $5.6 billion in third-quarter revenue, up from $5.2 billion in the second quarter. Net income was $165 million, compared with a $134 million loss in the prior quarter. Diluted earnings were $0.26 per share, reversing a $0.25 per-share loss. Adjusted EBITDA reached $612 million, topping the company’s $575 million target. Steel product shipments were 4.15 million net tons, compared with 4.03 million in the second quarter.
Source: TokenPost
