A month has gone by since the last earnings report for Cleveland-Cliffs (CLF). Shares have added about 15% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Cleveland-Cliffs due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important catalysts. Cleveland-Cliffs’ Q4 Earnings and Revenues Lag EstimatesCleveland-Cliffs logged profits (attributable to the company’s shareholders) of $64 million or 14 cents per share in the fourth quarter of 2020 compared with a profit of $63 million or 23 cents per share in the prior-year quarter. The bottom line in the reported quarter includes charges related to acquisition-related costs and amortization of inventory step-up. Barring one-time items, adjusted earnings came in at 24 cents per share that trailed the Zacks Consensus Estimate of 28 cents.Revenues shot up more than four-fold year over year to $2,256 million, partly driven by the acquisition of ArcelorMittal USA. However, it missed the Zacks Consensus Estimate of $2,309.1 million.Operational HighlightsThe company reported Steelmaking revenues of $2.1 billion for the fourth quarter. Average net selling price per net ton of steel products was $880 for the quarter. External sales volumes for steel products were roughly 1.9 million net tons.FY20 ResultsLoss (as reported) for full-year 2020 was 32 cents per share, compared with earnings of $1.03 per share a year ago. Revenues rose nearly three-fold year over year to $5,319 million for the full year.Financial PositionCleveland-Cliffs ended 2020 with cash and cash equivalents of $112 million, down roughly 68% year over year. Long-term debt more than doubled year over year to $5,390 million at the end of the year.Net cash used in operating activities was $261 million for full-year 2020.OutlookMoving ahead, Cleveland-Cliffs expects steel product shipments of roughly 4 million net tons for first-quarter 2021. It also envisions a significant improvement in first-quarter adjusted EBITDA on a sequential comparison basis.For 2021, the company expects capital spending in the band of $600 million to $650 million. It also sees selling, general, and administrative expenses of around $450 million for the year. How Have Estimates Been Moving Since Then?It turns out, estimates revision flatlined during the past month. The consensus estimate has shifted -72.73% due to these changes.VGM ScoresAt this time, Cleveland-Cliffs has a poor Growth Score of F, however its Momentum Score is doing a bit better with a D. However, the stock was allocated a grade of B on the value side, putting it in the top 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of D. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookCleveland-Cliffs has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report ClevelandCliffs Inc. (CLF): Get Free Report To read this article on Zacks.com click here. Zacks Investment Research