CLF Q3 2021 Earnings Report — Cleveland-Cliffs Inc. Revenue & Financial Results | Market Cap Arena

Cleveland-Cliffs Inc.CLF

Q3 2021 Earnings

Reported October 26, 2021

Quarter Comparison

Revenue

Operating Income

Gross Margin

Net Margin

EPS (Diluted)

Free Cash Flow

Metric	Q3 2021	Q2 2021	Q3 2020	QoQ Change	YoY Change
Revenue	$6.0B	$5.0B	—	19.0%	—
Op. Income	$1.6B	$1.1B	—	54.5%	—
Gross Margin	29.6%	23.7%	—	5.8pp	—
Net Margin	21.2%	15.5%	—	5.8pp	—
EPS (Diluted)	$2.33	$1.17	—	99.1%	—
Free Cash Flow	$1.3B	$349M	—	284.2%	—

Revenue Flow

Item	Amount
REVENUE	$6.0B
Cost of Revenue	$4.2B
GROSS PROFIT	$1.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$112M
Other Expenses	$14M
Operating Expenses	$126M
Cost & Expenses	$4.4B
OPERATING INCOME	$1.6B
Interest Income	$0
Interest Expense	$81M
Other Income/Expenses	-$34M
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$334M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$1M
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$43M
BOTTOM LINE NET INCOME	$1.2B
D&A	$241M
EBIT	$1.7B
EBITDA	$1.9B
EPS	$2
EPS Diluted	$2

Income Statement

Item	Amount
REVENUE	$6.0B
Cost of Revenue	$4.2B
GROSS PROFIT	$1.8B
R&D Expenses	$0
Selling & Marketing	$0
General & Administrative	$0
SG&A Expenses	$112M
Other Expenses	$14M
Operating Expenses	$126M
Cost & Expenses	$4.4B
OPERATING INCOME	$1.6B
Interest Income	$0
Interest Expense	$81M
Other Income/Expenses	-$34M
INCOME BEFORE TAX	$1.6B
Income Tax Expense	$334M
Net Income from Continuing Ops	$1.3B
Net Income from Discontinued Ops	$1M
Other Adjustments	$0
NET INCOME	$1.3B
Net Income Deductions	$43M
BOTTOM LINE NET INCOME	$1.2B
D&A	$241M
EBIT	$1.7B
EBITDA	$1.9B
EPS	$2
EPS Diluted	$2

Cash Flow Statement

Item	Amount
Net Income	$1.3B
Depreciation & Amortization	$241M
Stock-Based Compensation	$0
Deferred Income Tax	$332M
Other Non-Cash Items	$15M
Change in Working Capital	-$345M
OPERATING CASH FLOW	$1.5B
Capital Expenditure	-$175M
Acquisitions (Net)	$0
Purchases of Investments	$0
Sales/Maturities of Investments	$0
Other Investing Activities	$3M
NET CASH FROM INVESTING	-$172M
Net Debt Issuance	-$4M
Common Stock Repurchased	-$1.3B
Common Dividends Paid	$0
Other Financing Activities	-$28M
NET CASH FROM FINANCING	-$1.4B
FREE CASH FLOW	$1.3B
Net Change in Cash	-$31M

Balance Sheet

Item	Amount
Cash & Equivalents	$42M
Short-Term Investments	$0
Net Receivables	$2.3B
Inventory	$4.5B
Other Current Assets	$251M
TOTAL CURRENT ASSETS	$7.1B
PP&E (Net)	$9.0B
Goodwill	$1.1B
Intangible Assets	$180M
Long-Term Investments	$116M
Tax Assets	$70M
Other Non-Current Assets	$508M
TOTAL NON-CURRENT ASSETS	$10.9B
TOTAL ASSETS	$18.1B
Account Payables	$1.8B
Short-Term Debt	$0
Deferred Revenue	$0
Other Current Liabilities	$708M
TOTAL CURRENT LIABILITIES	$3.3B
Long-Term Debt	$5.3B
Deferred Revenue NC	$0
Deferred Tax Liabilities	$0
Other Non-Current Liabilities	$5.1B
TOTAL NON-CURRENT LIABILITIES	$10.5B
TOTAL LIABILITIES	$13.8B
Common Stock	$63M
Additional Paid-In Capital	$4.9B
Retained Earnings	-$894M
Treasury Stock	-$83M
Accum. Other Comp. Income	$23M
Other Equity	$0
TOTAL STOCKHOLDERS' EQUITY	$4.0B
Minority Interest	$294M
TOTAL EQUITY	$4.3B
TOTAL LIABILITIES & EQUITY	$18.1B
Total Debt	$5.3B
Net Debt	$5.3B