Cleveland-Cliffs Inc (CLF) released its first quarter results on Friday, April 23, 2021. The company reported net earnings of $0.07 per share for the first quarter ending March 31, 2021. Earnings for this past quarter were up 140 percent compared to the same period a year ago.
Cleveland-Cliffs Inc. was founded in 1847 and is headquartered in Cleveland, Ohio. Cleveland-Cliffs Inc. operates as an independent iron ore mining company in the United States, Canada, and internationally. It operates in two segments, Mining and Pelletizing, and Metallics.
Cleveland-Cliffs' revenue increased 301 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins decreased to 12.47% for the first quarter compared to the same period in the previous year, and operating margins increased to 4.77% over the same period. Net earnings for past trailing twelve months were $-29.3 million, down 111% from the prior year.
Moving on to the balance sheet, Cleveland-Cliffs’ cash levels dropped 41% for the third quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, decreased 10.65% this past year. The current ratio for Cleveland-Cliffs now stands at 2.0. The company increased shares outstanding by 76.8%.
Shares of CLF are currently trading around $17.98. In terms of valuation, the stock is trading at a price to book ratio of 2.94.