Calumet Specialty Products ( (CLMT) ) has released its Q3 earnings. Here is a breakdown of the information Calumet Specialty Products presented to its investors.
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Calumet, Inc. is a company that manufactures, formulates, and markets a wide range of specialty branded products and renewable fuels across various consumer-facing and industrial sectors, operating out of Indianapolis, Indiana, with twelve facilities throughout North America.
In its third-quarter earnings report for 2024, Calumet reported a net loss of $100.6 million, translating to a loss per share of $1.18. Despite the overall net loss, the company highlighted significant achievements, including a new production volume record for Sustainable Aviation Fuel (SAF) by its Montana Renewables division and the completion of its conversion from a Master Limited Partnership (MLP) to a C-Corporation.
The financial details of the quarter revealed an Adjusted EBITDA of $49.8 million. The Specialty Products business segment posted its highest production levels in over five years, while the Performance Brands segment reported a slight increase in Adjusted EBITDA. Montana Renewables, despite a drop in year-over-year Adjusted EBITDA, achieved a new high in SAF production. Additionally, the company secured a conditional commitment for a $1.44 billion loan from the Department of Energy to expand its renewable fuels facility.
Looking ahead, Calumet remains focused on its strategic initiatives, with management expressing confidence in closing the DOE loan and continuing to drive shareholder value through innovation in the renewable fuels market. The company is also managing various operational activities, including a planned turnaround at its Great Falls facility, to align with anticipated changes in the tax credit landscape.
