04:44 PM EDT, 04/22/2024 (MT Newswires) -- Cleveland-Cliffs ( CLF ) reported Q1 adjusted earnings late Monday of $0.18 per diluted share, swing from a loss of $0.11 per share a year earlier.

Analysts polled by Capital IQ expected earnings of $0.21 per share.

Revenue for the quarter ended March 31 was $5.20 billion, down from $5.30 billion a year earlier.

Analysts surveyed by Capital IQ expected $5.33 billion.

The company said its board has authorized a new share repurchase program, allowing the company to repurchase up to $1.5 billion of its outstanding common shares.

Cleveland-Cliffs ( CLF ) shares were down more than 2% during extending hours.