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Wednesday, May 11, 2022 1:10:10 PM

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Cleveland-Cliffs: It Is All About Free Cash Flow

May 11, 2022 11:20 AM ETCleveland-Cliffs Inc. (CLF)9 Comments3 Likes

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Summary

Shares remain in a downturn despite easily beating top and bottom-line estimates in Q1.

Free cash flow expected to increase once more in 2022 and hit another record.

Sales growth and the very generous free cash flow yield point to minimal downside risk here.

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Intro

If we look at a weekly chart of Cleveland-Cliffs Inc. (NYSE:CLF), we can see that shares are continuing their descent despite the excellent Q1 numbers which were announced roughly three weeks ago. The company reported Non-GAAP earnings of $1.71 per share and sales of $6 billion in the quarter, both numbers convincingly beat consensus estimates. Furthermore, the decision to increase the average expected selling price by management was due to bullish trends in fixed price renewals, higher spreads, as well as a more lucrative futures curve which point to better pricing.
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Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

https://seekingalpha.com/article/4510069-cleveland-cliffs-all-about-free-cash-flow
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