Cleveland-Cliffs Issues Preliminary Q4 and Full-Year 2024 Results

Cleveland-Cliffs Inc. CLF has released its preliminary fourth-quarter and full-year 2024 financial results. On Nov. 1, 2024, the company closed the acquisition of Stelco Holdings Inc. Due to the accounting integration linked with the transaction, only selected preliminary financial information is currently accessible, CLF noted. The company intends to release its comprehensive fourth-quarter and full-year 2024 earnings after the closing bell on Feb. 24, 2025. The financial results expectations include Stelco's results from Nov. 1, 2024, to Dec. 31, 2024.CLF expects fourth-quarter 2024 steel shipments of 3.8 million net tons and revenues of approximately $4.3 billion. The adjusted EBITDA loss for the quarter is projected to be around $85 million.For full-year 2024, steel shipments are anticipated to reach 15.6 million net tons, with total revenues of approximately $19.2 billion. The adjusted EBITDA for the year is expected to be roughly $775 million. Including Stelco, the 2024 pro-forma adjusted EBITDA is projected to be around $1.2 billion.As North America's largest supplier to the automotive industry, the company is particularly affected by subdued demand in this sector in the second half of the year. This was the key cause of its weaker results, particularly in the fourth quarter, which it anticipates to be the trough going forward. Shares of CLF are down 51.1% in the past year against a 11.2% decline of its industry.Image Source: Zacks Investment ResearchCLF’s Rank & Key PicksCLF currently carries a Zacks Rank #3 (Hold).Better-ranked stocks in the basic materials space include Carpenter Technology Corporation CRS, Hecla Mining HL and New Gold Inc. NGD.Carpenter Technology currently carries a Zacks Rank #2 (Buy). CRS beat the Zacks Consensus Estimate in each of the last four quarters, with the average earnings surprise being 14.1%. The company's shares have soared 222.3% in the past year. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.Hecla Mining, which currently carries a Zacks Rank #1, beat the consensus estimate in three of the trailing four quarters, while missing once. In this time frame, it has delivered an earnings surprise of roughly 50%, on average. HL’s shares have rallied 60.9% over the past year. New Gold, which currently carries a Zacks Rank #1, beat the consensus estimate in three of the trailing four quarters while missing once. In this time frame, it has delivered an earnings surprise of roughly 37.5%, on average. NGD’s shares have rallied 132% over the past year.  Research Chief Names "Single Best Pick to Double"From thousands of stocks, 5 Zacks experts each have chosen their favorite to skyrocket +100% or more in months to come. From those 5, Director of Research Sheraz Mian hand-picks one to have the most explosive upside of all.This company targets millennial and Gen Z audiences, generating nearly $1 billion in revenue last quarter alone. A recent pullback makes now an ideal time to jump aboard. Of course, all our elite picks aren’t winners but this one could far surpass earlier Zacks’ Stocks Set to Double like Nano-X Imaging which shot up +129.6% in little more than 9 months.Free: See Our Top Stock And 4 Runners UpWant the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Cleveland-Cliffs Inc. (CLF): Free Stock Analysis Report Carpenter Technology Corporation (CRS): Free Stock Analysis Report New Gold Inc. (NGD): Free Stock Analysis Report Hecla Mining Company (HL): Free Stock Analysis ReportTo read this article on Zacks.com click here.Zacks Investment ResearchWeiter zum vollständigen Artikel bei Zacks Weiter zum vollständigen Artikel bei Zacks