Cleveland-Cliffs Inc. (NYSE:CLF) announced its third quarter earnings results on Friday 23rd October 2020 before market open.
The company reported $ 0.02 loss per share for the quarter, beat the consensus estimate of $ 0.10 loss per share by $ 0.08 or 80.00 percent.
Cleveland-Cliffs Inc. had revenue of $ 1,646.00 million for the quarter, compared to the consensus estimate of $ 1603.55 million. The revenues outshined analysts estimates by $ 42.45 million or 2.65 percent.
The financial report showed revenues improved 196.26 percent versus third quarter of last year.
Analysts estimates are from Thompson Reuters, exclude one time gain or loss
Lourenco Goncalves, Chairman, President, and CEO said: Our strong third quarter results reflect the positive outcome of the actions we took in Q2, when we saw opportunity when others were paralyzed. During the almost three months when our main market, the automotive industry, went through unprecedented shutdowns across the entire sector, we prepared our inventories and our plants to be ready as soon as our clients were back in business.
