| Calumet, Inc. (CLMT) Q1 2025 Earnings Call Transcript |
Calumet, Inc. (NASDAQ:CLMT ) Q1 2025 Earnings Conference Call May 9, 2025 9:00 AM ET Company Participants John Kompa - Investor Relations Todd Borgmann - Chief Executive Officer David Lunin - Executive Vice President and Chief Financial Officer Bruce Fleming - Executive Vice President, Montana Renewables and Corporate Development Scott Obermeier - Executive Vice President, Specialists Conference Call Participants Neil Mehta - Goldman Sachs Amit Dayal - H.C. Wainwright Jason Gabelman - TD Cowen Gregg Brody - Bank of America Operator Good day, and welcome to the Calumet, Inc. First Quarter 2025 Conference Call. |
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2025-05-09 15:33:15 |
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| Calumet Reports First Quarter 2025 Results |
First quarter 2025 net loss of $162.0 million, or basic loss per common share of $1.87 per share First quarter 2025 Adjusted EBITDA with Tax Attributes of $55.0 million, reflecting a $30.4 million adjustment for RINs incurrence expense and $16.9 million from the Production Tax Credit ("PTC") Montana Renewables expects to reach 120 to 150-million-gallon SAF capacity sooner than previously reported for a fraction of the cost Montana Renewables received $782 million funding of Department of Energy ("DOE") loan in February 2025, closed sale of Royal Purple® industrial business for $110 million in March 2025, and launches partial redemption for $150 million of 2026 Notes Company-wide cost reduction plan on track with $22 million year over year reduction in operating costs Consolidated quarter ending liquidity of $542.7 million INDIANAPOLIS , May 9, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) today reported results of Calumet, Inc. (the "Company," "Calumet," "we," "our" or "us") for the first quarter ended March 31, 2025, as follows: Three Months Ended March 31, 2025 2024 Net income (loss) $ (162.0) $ (41.6) Basic earnings (loss) per common share/unit $ (1.87) $ (0.51) Adjusted EBITDA $ 38.1 $ 28.1 Adjusted EBITDA with Tax Attributes $ 55.0 $ 28.1 Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended March 31, Three Months Ended March 31, Three Months Ended March 31, 2025 2024 2025 2024 2025 2024 (Dollars in millions, except per barrel data) Gross profit (loss) $ (34.0) $ 85.3 $ 22.2 $ 22.3 $ (69.6) $ (29.1) Adjusted gross profit (loss) $ 64.9 $ 56.8 $ 24.2 $ 23.2 $ (8.2) $ (4.9) Adjusted EBITDA $ 56.3 $ 47.2 $ 15.8 $ 13.4 $ (13.6) $ (13.4) Adjusted EBITDA with Tax Attributes $ 56.3 $ 47.2 $ 15.8 $ 13.4 $ 3.3 $ (13.4) Gross profit (loss) per barrel $ (6.33) $ 15.77 $ 144.16 $ 154.86 $ (32.03) $ (14.16) Adjusted gross profit (loss) per barrel $ 12.08 $ 10.50 $ 157.14 $ 161.11 $ (3.77) $ (2.38) "The first quarter of 2025 reflected significant progress on multiple strategic fronts," said Todd Borgmann, CEO. "Most importantly, we closed – and received funding – of our DOE loan under the new administration setting the stage for transformational growth in our Renewables business. |
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2025-05-09 11:00:00 |
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| Calumet, Inc. to Release First Quarter 2025 Earnings on May 9, 2025 |
INDIANAPOLIS , April 25, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the First Quarter 2025 on May 9, 2025. A conference call to discuss the financial and operational results is scheduled for May 9th at 9:00 AM ET. |
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2025-04-25 12:03:00 |
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| Calumet's Businesses Firing Like A Cannon, Well, Even Much Closer (Update) |
Calumet Specialty Products is significantly undervalued, with a misunderstood market and a heavy short position that is likely to face a destructive end soon. First-quarter EBITDA estimates are strong, with potential for $90 million, and second-quarter projections are even higher due to favorable market conditions. Management is effectively managing leverage and cash flow, aiming to reduce debt significantly while maintaining positive cash flow and strong EBITDA generation. |
seekingalpha.com |
2025-04-24 12:05:04 |
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| Calumet, Inc. (CLMT) Moves 12.5% Higher: Will This Strength Last? |
Calumet, Inc. (CLMT) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might not help the stock continue moving higher in the near term. |
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2025-04-10 16:20:44 |
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| Calumet Announces Closing of Sale of Assets Related to Industrial Portion of its Royal Purple® Business |
INDIANAPOLIS , April 1, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") has successfully closed its previously announced sale of assets related to the industrial portion of its Royal Purple® business, for $110 million in cash to a wholly owned subsidiary of Lubrication Engineers, Inc., a portfolio company of Aurora Capital Partners. The assets sold related to Royal Purple's high performance synthetic industrial product line including industrial gear lubricants, bio-environmental lubricants, stationary natural gas engine oils, hydraulic lubricants, and compressor oils, along with an exclusive license of the brand for industrial applications. |
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2025-04-01 12:15:00 |
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| Calumet Announces Intention to Nominate Julio Quintana and Karen Narwold to Board of Directors; and Wasserstein Debt Opportunities Expresses Support |
INDIANAPOLIS , March 17, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we") today announced that Julio Quintana and Karen Narwold have been selected as nominees for election to the Board of Directors of Calumet (the "Board") at the Company's 2025 Annual Meeting of Stockholders (the "Annual Meeting"). After successfully guiding the Company through the transition from a master limited partnership (MLP) to a C-Corporation, Jim Carter and Dan Sheets have informed the Board of their decision not to seek re-election and to retire at the end of their terms following the Annual Meeting. |
prnewswire.com |
2025-03-17 19:59:00 |
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| Calumet's Businesses Firing Like A Cannon, Well, Close |
Calumet delivered in-line Q4 2024 results, with management's asset sales and cash generation efforts creating a favorable buying opportunity. Specialty EBITDA is projected to improve to the low $200 million range in 2025, driven by stronger Gulf Coast 2-1-1 spreads and operational efficiencies. The partial sale of Performance Brands for $110 million will be offset by operational efficiencies, maintaining EBITDA levels over the next two years. |
seekingalpha.com |
2025-03-11 07:10:08 |
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| Calumet to Attend Wolfe Research Conference |
INDIANAPOLIS , March 4, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today plans to attend the Wolfe Research Refining Conference Thursday, March 6, 2025, in New York. Calumet will be holding one-on-one investor meetings throughout the day at the conference. |
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2025-03-04 18:00:00 |
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| Calumet, Inc. (CLMT) Q4 2024 Earnings Conference Call Transcript |
Calumet, Inc. (NASDAQ:CLMT ) Q4 2024 Earnings Conference Call February 28, 2025 9:00 AM ET Company Participants John Kompa - Investor Relations Todd Borgmann - Chief Executive Officer David Lunin - Executive Vice President & Chief Financial Officer Bruce Fleming - Executive Vice President, Montana Renewables & Corporate Development Scott Obermeier - Executive Vice President, Specialists Conference Call Participants Roger Read - Wells Fargo Jason Gabelman - TD Cowen Neil Mehta - Goldman Sachs Gregg Brody - Bank of America Operator Good morning, and welcome to the Calumet, Inc. Fourth Quarter and Full Year 2024 Results Conference Call. All participants will be in listen-only mode. |
seekingalpha.com |
2025-02-28 15:45:00 |
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| Lubrication Engineers to Acquire Industrial Brands & Products of Royal Purple |
WICHITA, Kas., Feb. 28, 2025 /PRNewswire/ -- Lubrication Engineers, Inc. ("LE"), a leading developer and manufacturer of high-performance industrial lubricants and asset reliability solutions, today announced that it has entered into a definitive agreement to acquire the industrial brands and products of Royal Purple ("RPI"), a leading provider of specialty synthetic performance lubricants and greases for diversified industrial applications. |
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2025-02-28 09:17:00 |
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| Calumet Reports Fourth Quarter and Fiscal Year 2024 Results |
Fourth quarter 2024 net loss of $40.7 million, or basic loss per common share of $0.47 per share Fourth quarter 2024 Adjusted EBITDA of $56.6 million Announces sale of Royal Purple® industrial business for $110 million Montana Renewables received initial funds from U.S. Department of Energy ("DOE") loan in February 2025 Specialties business posts record sales volume and cost improvement in 2024 INDIANAPOLIS , Feb. 28, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) today reported results of Calumet, Inc. (the "Company," "Calumet," "we," "our" or "us") for the fourth quarter ended December 31, 2024, as follows: Three Months Ended December 31, Year Ended December 31, 2024 2023 2024 2023 (Dollars in millions, except per share/unit data) Net income (loss) $ (40.7) $ (48.0) $ (222.0) $ 48.1 Basic earnings (loss) per common share/unit $ (0.47) $ (0.59) $ (2.67) $ 0.59 Adjusted EBITDA $ 56.6 $ 39.7 $ 194.8 $ 260.5 Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended December 31, Three Months Ended December 31, Three Months Ended December 31, 2024 2023 2024 2023 2024 2023 (Dollars in millions, except per barrel data) Gross profit (loss) $ 62.3 $ 88.1 $ 25.2 $ 16.1 $ (3.9) $ (82.1) Adjusted gross profit (loss) $ 50.6 $ 69.6 $ 25.7 $ 16.5 $ 19.1 $ (19.3) Adjusted EBITDA $ 43.4 $ 75.6 $ 16.3 $ 6.1 $ 10.9 $ (25.8) Gross profit (loss) per barrel $ 11.00 $ 16.11 $ 170.27 $ 135.29 $ (1.87) $ (45.76) Adjusted gross profit (loss) per barrel $ 8.93 $ 12.73 $ 173.65 $ 138.66 $ 9.15 $ (10.76) Specialty Products and Solutions Performance Brands Montana/Renewables Year Ended December 31, Year Ended December 31, Year Ended December 31, 2024 2023 2024 2023 2024 2023 (Dollars in millions, except per barrel data) Gross profit (loss) $ 189.0 $ 402.2 $ 95.3 $ 82.1 $ (53.5) $ (32.6) Adjusted gross profit $ 214.5 $ 291.0 $ 98.6 $ 78.5 $ 51.9 $ 59.8 Adjusted EBITDA $ 193.6 $ 251.2 $ 57.4 $ 47.9 $ 16.7 $ 30.2 Gross profit (loss) per barrel $ 8.26 $ 18.73 $ 152.24 $ 160.35 $ (6.14) $ (4.56) Adjusted gross profit per barrel $ 9.38 $ 13.56 $ 157.51 $ 153.32 $ 5.95 $ 8.36 "The past twelve months of strategic activity at Calumet has fundamentally reset the company's foundation," said Todd Borgmann, CEO. "Successfully completing the conversion to a C-Corporation, receiving the first DOE funding under the new administration, derisking Montana Renewables operations, and continuing to widen the competitive moat around our Specialties business positions the company to succeed against our top priority of deleveraging the balance sheet and growing cash flows. |
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2025-02-28 09:05:00 |
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| Calumet Announces Sale of Assets Related to Industrial Portion of its Royal Purple® Business |
INDIANAPOLIS , Feb. 28, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") announced it has entered into a definitive agreement with a wholly owned subsidiary of Lubrication Engineers, Inc., a portfolio company of Aurora Capital Partners, to sell assets related to the industrial portion of its Royal Purple® business, for $110 million. Calumet will retain, and continue to grow, the consumer portion of the Royal Purple business and the Royal Purple production facility in Porter, TX. |
prnewswire.com |
2025-02-28 09:00:00 |
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| Calumet to Attend Raymond James Conference |
INDIANAPOLIS , Feb. 19, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today plans to attend the Raymond James Institutional Investors Conference on Tuesday, March 4, 2025, in Orlando, Florida. Calumet will be holding one-on-one investor meetings throughout the day at the conference. |
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2025-02-19 11:07:00 |
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| Montana Renewables Receives First Drawdown from $1.44 Billion DOE Loan Facility |
Initial loan proceeds of $782 million funded today Balance of proceeds to be funded during planned expansion from 2025 through 2028 DOE loan guarantee facilitates expansion of Sustainable Aviation Fuel capacity to 300 million gallons per year INDIANAPOLIS , Feb. 18, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet," "we," "our" or "us") announced today that Montana Renewables, LLC, an unrestricted subsidiary of Calumet ("Montana Renewables" or "MRL"), has received its first drawdown of approximately $782 million from its $1.44 billion guaranteed loan facility with the U.S. Department of Energy ("DOE") Loan Programs Office ("LPO"). The loan funds the construction and expansion of the renewable fuels facility owned by Montana Renewables. |
prnewswire.com |
2025-02-18 11:10:00 |
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| Calumet, Inc. to Release Fourth Quarter and Fiscal Year 2024 Earnings on February 28, 2025 |
INDIANAPOLIS , Feb. 14, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the Fourth Quarter and Fiscal Year 2024 on February 28, 2025. A conference call to discuss the financial and operational results is scheduled for February 28th at 9:00 AM ET. |
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2025-02-14 09:00:00 |
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| Calumet, Inc. (CLMT) Surges 12.1%: Is This an Indication of Further Gains? |
Calumet, Inc. (CLMT) was a big mover last session on higher-than-average trading volume. The latest trend in earnings estimate revisions might help the stock continue moving higher in the near term. |
zacks.com |
2025-01-30 10:16:12 |
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| Montana Renewables Announces Timing Update for DOE Loan Facility |
INDIANAPOLIS , Jan. 28, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet," the "Company," "we," "our" or "us") has been informed by the U.S. Department of Energy ("DOE") Loan Programs Office ("LPO") that the first tranche of approximately $782 million under the guaranteed loan facility that was previously approved for funding today, January 28, will undergo a tactical delay to confirm alignment with White House priorities. The loan facility, which closed on January 10, will fund the construction and expansion of the renewable fuels facility in Great Falls, Montana, owned by Montana Renewables, LLC ("Montana Renewables" or "MRL"), an unrestricted subsidiary of Calumet. |
prnewswire.com |
2025-01-28 20:25:00 |
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| Down -22.21% in 4 Weeks, Here's Why You Should You Buy the Dip in Calumet, Inc. (CLMT) |
Calumet, Inc. (CLMT) has become technically an oversold stock now, which implies exhaustion of the heavy selling pressure on it. This, combined with strong agreement among Wall Street analysts in revising earnings estimates higher, indicates a potential trend reversal for the stock in the near term. |
zacks.com |
2025-01-22 12:36:12 |
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| Calumet, Inc. (CLMT) May Find a Bottom Soon, Here's Why You Should Buy the Stock Now |
Calumet, Inc. (CLMT) appears to have found support after losing some value lately, as indicated by the formation of a hammer chart. In addition to this technical chart pattern, strong agreement among Wall Street analysts in revising earnings estimates higher enhances the stock's potential for a turnaround in the near term. |
zacks.com |
2025-01-20 12:55:15 |
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| The Real Calumet Financial Vision Just Stood Up |
Calumet Specialty Products has transformed from difficult times to a valuable long-term investment, driven by superb execution, patience, and strategic asset management. Management announced a special analyst conference detailing an $800 million DOE loan at zero percent interest for four years, with significant debt reduction benefits. MRL production capacity will increase significantly through Phase I and Phase II expansions, promising substantial profit lifts and cost reductions. |
seekingalpha.com |
2025-01-15 20:06:35 |
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| Calumet Provides Update on Recent Financing Activity |
INDIANAPOLIS , Jan. 15, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") provided an update on its recent financing activity, including the pricing by its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp., of their private placement of $100 million in aggregate principal amount of 9.75% Senior Notes due 2028 (the "Notes Offering") and registration its $65 million at-the-market equity program (the "ATM Program"). |
prnewswire.com |
2025-01-15 11:37:00 |
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| Calumet Announces Pricing of $100 Million Private Placement of 9.75% Senior Notes due 2028 |
INDIANAPOLIS , Jan. 14, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), priced their private placement (the "Offering") under Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), of $100 million in aggregate principal amount of 9.75% Senior Notes due 2028 (the "New Notes"). |
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2025-01-14 21:35:00 |
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| Calumet Announces $100 Million Private Placement of 9.75% Senior Notes due 2028 |
INDIANAPOLIS , Jan. 14, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that, subject to market conditions, its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. (together with the Partnership, the "Issuers"), intend to offer (the "Offering") for sale to eligible purchasers in a private placement under Rule 144A and Regulation S under the Securities Act of 1933, as amended (the "Securities Act"), $100 million in aggregate principal amount of 9.75% Senior Notes due 2028 (the "New Notes"). |
prnewswire.com |
2025-01-14 11:27:00 |
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| Calumet Announces $65 Million At-the-Market Equity Offering Program |
INDIANAPOLIS , Jan. 14, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that the Company has filed a prospectus supplement with the U.S. Securities and Exchange Commission (the "SEC") establishing an at-the-market equity offering program (the "ATM Program") under which it may issue and sell, from time to time, shares of its common stock having an aggregate gross sales price of up to $65 million (the "Offered Shares"). Calumet intends to use the net proceeds from the ATM Program for general corporate purposes, which may include, among other things, repayment of indebtedness, working capital and capital expenditures. |
prnewswire.com |
2025-01-14 11:25:00 |
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| Calumet Provides Preliminary Fourth Quarter 2024 Selected Financial Results |
INDIANAPOLIS , Jan. 14, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") announced today preliminary selected financial results for the fourth quarter ended December 31, 2024. Based on preliminary data, the Company currently expects to report a net loss between $54 million and $24 million and Adjusted EBITDA between $45 million and $60 million for the fourth quarter 2024. |
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2025-01-14 09:44:00 |
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| Calumet Closes $1.44B DOE Loan for Renewable Fuel Expansion |
CLMT subsidiary Montana Renewables advances as a global leader in Sustainable Aviation Fuel, capable of producing 300M gallons per year with the DOE loan. |
zacks.com |
2025-01-14 08:41:07 |
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| Calumet, Inc. (CLMT) Analyst Update Call (Transcript) |
Calumet, Inc. (NASDAQ:CLMT ) Analyst Update Call January 13, 2025 9:00 AM ET Company Participants John Kompa - Director, IR Todd Borgmann - Chief Executive Officer Bruce Fleming - EVP, Montana Renewables and Corporate Development Conference Call Participants Roger Read - Wells Fargo Neil Mehta - Goldman Sachs Saumya Jain - UBS Jason Gabelman - TD Cowen Amit Dayal - H.C. Wainwright Operator Good morning, and welcome to the Calumet Inc. Analyst update. |
seekingalpha.com |
2025-01-13 16:48:03 |
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| Update On Calumet, My Largest Investment |
Update On Calumet, My Largest Investment |
seekingalpha.com |
2025-01-13 12:00:00 |
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| Despite Fast-paced Momentum, Calumet, Inc. (CLMT) Is Still a Bargain Stock |
Calumet, Inc. (CLMT) made it through our 'Fast-Paced Momentum at a Bargain' screen and could be a great choice for investors looking for stocks that have gained strong momentum recently but are still trading at reasonable prices. |
zacks.com |
2025-01-13 11:51:18 |
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| Calumet, Inc. to Hold Analysts Update Call on January 13, 2025 |
INDIANAPOLIS , Jan. 10, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us"), announced today that it plans to hold an analysts call on January 13, 2025, at 9:00 a.m. ET to discuss the closing of its $1.44 billion guaranteed loan with the U.S. Department of Energy Loan Programs Office. |
prnewswire.com |
2025-01-10 19:38:00 |
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| Montana Renewables Announces Closing of $1.44 Billion DOE Loan Facility for Renewable Fuels and Biomass Energy Facility |
Initial loan proceeds of $782 million expected to be funded this month and balance of proceeds funded through planned construction period DOE loan guarantee facilitates expansion of Sustainable Aviation Fuel capacity to 300 million gallons per year INDIANAPOLIS , Jan. 10, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet," "we," "our" or "us") announced today the closing of a $1.44 billion guaranteed loan facility with the U.S. Department of Energy ("DOE") Loan Programs Office ("LPO"). The loan will fund the construction and expansion of the renewable fuels facility owned by Montana Renewables, LLC ("Montana Renewables" or "MRL"), an unrestricted subsidiary of Calumet. |
prnewswire.com |
2025-01-10 18:07:00 |
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| Calumet to Participate in January 2025 Investor Conferences |
INDIANAPOLIS , Dec. 23, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today that it plans to attend two investor conferences in January 2025. On January 7 th and 8th, Calumet will attend the Goldman Sachs Energy, CleanTech & Utilities Conference 2025 and will be holding one-on-one investor meetings at the conference. |
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2024-12-23 18:15:00 |
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| Montana Renewables Receives Approval of Excise Tax Registration |
GREAT FALLS, Mont., Dec. 12, 2024 /PRNewswire/ -- Montana Renewables, LLC announced today that it has received approval of its Excise Tax Registration from the Internal Revenue Service. |
prnewswire.com |
2024-12-12 15:42:00 |
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| Calumet Announces Settlement of its Exchange Offer for any and all of the Outstanding 11.00% Senior Notes due 2025 and Issues Notice of Full Redemption for the Remaining 11.00% Senior Notes due 2025 |
INDIANAPOLIS , Nov. 25, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") and its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. ("Finance Corp." and, together with the Partnership, the "Issuers"), today announced the final settlement of the previously announced private exchange offer (the "Exchange Offer") to certain holders of their 11.00% Senior Notes due 2025 (the "Old Notes") to exchange any and all of the Old Notes for newly issued 11.00% Senior Notes due 2026 (the "New Notes"). |
prnewswire.com |
2024-11-25 18:30:00 |
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| Calumet Announces Expiration and Final Results for its Exchange Offer for any and all of the Outstanding 11.00% Senior Notes due 2025 |
INDIANAPOLIS , Nov. 22, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") and its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. ("Finance Corp." and, together with the Partnership, the "Issuers"), today announced the expiration and final results of the previously announced private exchange offer (the "Exchange Offer") to certain holders of their 11.00% Senior Notes due 2025 (the "Old Notes") to exchange any and all of the Old Notes for newly issued 11.00% Senior Notes due 2026 (the "New Notes"). |
prnewswire.com |
2024-11-22 09:45:00 |
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| Calumet to Participate in December 2024 Investor Conferences |
INDIANAPOLIS , Nov. 19, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today that it plans to attend two investor conferences in December. On December 3 rd and 4th, Calumet will attend the Bank of America Leveraged Finance Conference and will be holding one-on-one investor meetings throughout the day at the conference. |
prnewswire.com |
2024-11-19 18:15:00 |
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| Long-Term Investing In Calumet Specialty Products |
Investors should maintain a long-term vision despite short-term market fluctuations, as patience is crucial for substantial returns. Examples like Cirrus can help Calumet investors navigate investment strategies. The marketplace today requires a focus on 2-year, 5-year, and 20-year investment horizons to navigate risks effectively. |
seekingalpha.com |
2024-11-17 09:47:30 |
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| Calumet Reports Third Quarter 2024 Results |
Third quarter 2024 net loss of $100.6 million, or basic loss per common share of $1.18 per share Third quarter 2024 Adjusted EBITDA of $49.8 million Montana Renewables ("MRL") set another new SAF production volume record Specialties business posted highest production levels in over five years Montana Renewables announced conditional commitment of $1.44 billion Department of Energy ("DOE") loan Successfully completed conversion from a Master Limited Partnership ("MLP") to a C-Corp INDIANAPOLIS , Nov. 8, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) today reported results of Calumet, Inc. (the "Company," "Calumet," "we," "our" or "us") for the third quarter ended September 30, 2024, as follows: Three Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 (Dollars in millions, except per share data) Net income (loss) $ (100.6) $ 99.8 $ (181.3) $ 96.1 Basic earnings (loss) per common share $ (1.18) $ 1.24 $ (2.21) $ 1.20 Adjusted EBITDA $ 49.8 $ 75.4 $ 138.2 $ 220.8 Specialty Products and Solutions Performance Brands Montana/Renewables Three Months Ended September 30, Three Months Ended September 30, Three Months Ended September 30, 2024 2023 2024 2023 2024 2023 (Dollars in millions, except per barrel data) Gross profit (loss) $ 2.3 $ 158.9 $ 22.7 $ 21.0 $ (20.1) $ 81.6 Adjusted gross profit $ 46.5 $ 56.7 $ 24.3 $ 18.6 $ 20.0 $ 48.2 Adjusted EBITDA $ 42.6 $ 38.6 $ 13.6 $ 13.2 $ 12.7 $ 38.2 Gross profit (loss) per barrel $ 0.39 $ 28.77 $ 145.51 $ 160.31 $ (8.48) $ 41.61 Adjusted gross profit per barrel $ 7.80 $ 10.26 $ 155.77 $ 141.98 $ 8.44 $ 24.58 Specialty Products and Solutions Performance Brands Montana/Renewables Nine Months Ended September 30, Nine Months Ended September 30, Nine Months Ended September 30, 2024 2023 2024 2023 2024 2023 (Dollars in millions, except per barrel data) Gross profit (loss) $ 126.7 $ 314.1 $ 70.1 $ 66.0 $ (49.6) $ 49.5 Adjusted gross profit $ 163.9 $ 221.4 $ 72.9 $ 62.0 $ 32.8 $ 79.1 Adjusted EBITDA $ 150.2 $ 175.6 $ 41.1 $ 41.8 $ 5.8 $ 56.0 Gross profit (loss) per barrel $ 7.37 $ 19.63 $ 146.65 $ 167.09 $ (7.48) $ 9.25 Adjusted gross profit per barrel $ 9.53 $ 13.84 $ 152.51 $ 156.96 $ 4.95 $ 14.78 "Calumet continues to execute on our strategic catalysts as planned," said Todd Borgmann, CEO. "We started the quarter with the conversion of Calumet's structure from a MLP to a C-Corp, and in October we announced the conditional commitment of a $1.44 billion DOE loan guarantee. |
prnewswire.com |
2024-11-08 09:00:00 |
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| Calumet Announces Early Results for its Exchange Offer for any and all of the Outstanding 11.00% Senior Notes due 2025 |
INDIANAPOLIS , Nov. 6, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") and its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. ("Finance Corp." and, together with the Partnership, the "Issuers"), today announced the early results of the previously announced private exchange offer (the "Exchange Offer") to each Eligible Holder (as defined below) of their 11.00% Senior Notes due 2025 (the "Old Notes") to exchange any and all of the Old Notes for newly issued 11.00% Senior Notes due 2026 (the "New Notes"), upon the terms and subject to the conditions set forth in the confidential offering memorandum, dated October 23, 2024 (the "Offering Memorandum"). |
prnewswire.com |
2024-11-06 09:30:00 |
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| Calumet to Attend Goldman Sachs Carbonomics Conference |
INDIANAPOLIS , Oct. 29, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet") announced today plans to attend the Goldman Sachs Carbonomics Conference on Tuesday, November 12, 2024, in London, England. Calumet will be holding one-on-one investor meetings throughout the day at the conference and participating in a panel discussion regarding decarbonization in the aviation industry. |
prnewswire.com |
2024-10-29 10:56:00 |
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| Calumet, Inc. to Release Third Quarter 2024 Earnings on November 8, 2024 |
INDIANAPOLIS , Oct. 25, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us"), announced today that it plans to report results for the Third Quarter 2024 on November 8, 2024. A conference call to discuss the financial and operational results is scheduled for November 8th at 9:00 AM ET. |
prnewswire.com |
2024-10-25 12:14:00 |
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| Montana Renewables Delivers First Shipment of Sustainable Aviation Fuel for Detroit Metropolitan Airport |
GREAT FALLS, Mont. , Oct. 24, 2024 /PRNewswire/ -- For the first time, the Detroit Metropolitan Airport (DTW) will have the opportunity to use Sustainable Aviation Fuel (SAF), thanks to Montana Renewables, LLC (MRL), the largest SAF producer in North America (2024). |
prnewswire.com |
2024-10-24 19:00:00 |
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| Calumet Provides Preliminary Third Quarter 2024 Selected Financial Results |
INDIANAPOLIS , Oct. 23, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") announced today preliminary selected financial results for the third quarter ended September 30, 2024. Based on preliminary data, the Company currently expects to report a net loss between $110 million and $90 million and Adjusted EBITDA between $45 million and $55 million for the third quarter 2024. |
prnewswire.com |
2024-10-24 03:50:00 |
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| Calumet Specialty Products Partners, L.P. Enters into Support Agreement and Announces Commencement of Exchange Offer for any and all of Outstanding 11.00% Senior Notes due 2025 |
INDIANAPOLIS , Oct. 23, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company" or "Calumet") today announced that its wholly owned subsidiaries, Calumet Specialty Products Partners, L.P. (the "Partnership") and Calumet Finance Corp. ("Finance Corp." and, together with the Partnership, the "Issuers"), with the support of the holders of a majority of their 11.00% Senior Notes due 2025 (the "Old Notes"), have commenced a private exchange offer (the "Exchange Offer") to each Eligible Holder (as defined below) of their Old Notes to exchange any and all of the Old Notes for newly issued 11.00% Senior Notes due 2026 (the "New Notes"), upon the terms and subject to the conditions set forth in the confidential offering memorandum, dated October 23, 2024 (the "Offering Memorandum"). |
prnewswire.com |
2024-10-24 03:49:00 |
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| 2 Energy Stocks Surging on Billion-Dollar DOE Loan Commitments |
The United States Department of Energy (DOE) loan programs office (LPO) provides loans and loan guarantees to support the development and deployment of innovative clean energy projects. A DOE LPO loan directly lends money to the company for eligible projects. |
marketbeat.com |
2024-10-21 13:26:36 |
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| Calumet Arm Gets $1.44B Federal Loan for Renewable Fuels Push |
CLMT subsidiary Montana Renewables is set to become a world leader in Sustainable Aviation Fuel production, capable of producing 300 million gallons per year. |
zacks.com |
2024-10-18 10:55:16 |
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| Overlooked Stock: CLMT |
Calumet (CLMT) saw huge gains at the start of the trading day before giving all its strength back by the time the closing bell rung. George Tsilis discusses why this happened not just for this stock, but others in its industry. |
youtube.com |
2024-10-17 20:56:34 |
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| Calumet: Almost $1.5 Billion DoE Loan Guarantee Realizes The Max Bull Case |
Calumet secures a $1.44 billion loan guarantee from the US Dept of Energy, enabling significant expansion in SAF and renewable diesel production. The loan terms are highly favorable, with a 15-year term at 3/8's over the prevailing treasury rate, and interest deferred until production starts. The expanded capacity could generate $330-405 million in EBITDA within a year, with potential to reach $900 million to $1 billion in a bull case. |
seekingalpha.com |
2024-10-17 16:51:29 |
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| Montana Renewables Receives $1.44 Billion Conditional Commitment from DOE for Renewable Fuels and Biomass Energy Facility |
Montana Renewables to expand Sustainable Aviation Fuel capacity by 300 million gallons per year INDIANAPOLIS , Oct. 16, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) ("Calumet," "we," "our" or "us") announced today that the U.S. Department of Energy ("DOE") Loan Programs Office ("LPO") has awarded a conditional commitment for a loan guarantee of up to $1.44 billion to fund the construction and expansion of a renewable fuels facility owned by Montana Renewables, LLC ("Montana Renewables" or "MRL"). Montana Renewables is an unrestricted subsidiary of Calumet. |
prnewswire.com |
2024-10-16 20:47:00 |
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| Calumet: A Compelling Energy Transition Turnaround |
Calumet Inc. is transitioning from an overleveraged oil refiner to a leading producer of Sustainable Airline Fuel (SAF), with potential for exceptional returns. The company converted from an MLP to a C-Corp to attract institutional investors and is restructuring its debt to improve financial stability. A prospective DOE loan and reduced capital expenditures could significantly enhance cash flow, aiding in debt reduction and boosting SAF production capacity. |
seekingalpha.com |
2024-10-16 07:46:20 |
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| Calumet Announces New Funding Agreement with Stonebriar |
INDIANAPOLIS , Oct. 3, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") announced today a series of related agreements with Stonebriar Commercial Finance LLC ("Stonebriar"). Our restricted subsidiary Calumet Montana Refining, LLC ("CMR") entered into a new agreement with Stonebriar in which CMR sold certain of its assets to Stonebriar for $150 million and leased back the same assets ("CMR Funding Agreement"). |
prnewswire.com |
2024-10-03 21:06:00 |
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