Cleveland-Cliffs jumps over 10% as Q3 profit tops estimates
+16.34% to $14.10 from $12.12
What moved CLF
- Cleveland-Cliffs reported adjusted earnings of 28 cents per share, topping a FactSet estimate of 21 cents per share.
- Shares rose more than 10% in premarket trading, among the largest moves CNBC tracked that morning.
- Ahead of the report, management had guided to roughly $575 million of adjusted EBITDA for the quarter, more than double the prior quarter’s level and above analyst expectations.
- The company’s CEO had said second-half earnings performance should be its strongest since 2021, with fourth-quarter EBITDA expected to exceed the third-quarter guidance.
Sources: CNBC · FinancialModelingPrep