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Calumet Reports Third Quarter 2024 Results
AIRJMontana Technologies Corporation(AIRJ) Prnewswire·2024-11-08 12:00

Core Insights - Calumet, Inc. reported a net loss of 100.6millionforQ32024,withabasiclosspercommonshareof100.6 million for Q3 2024, with a basic loss per common share of 1.18, compared to a net income of 99.8millioninQ32023[1][2]−ThecompanyachievedanAdjustedEBITDAof99.8 million in Q3 2023 [1][2] - The company achieved an Adjusted EBITDA of 49.8 million in Q3 2024, down from 75.4millioninthesamequarterlastyear[1][2]−MontanaRenewablessetanewrecordforSustainableAviationFuel(SAF)production,andthespecialtiesbusinessreacheditshighestproductionlevelsinoverfiveyears[1][2]−Calumetannouncedaconditionalcommitmentfora75.4 million in the same quarter last year [1][2] - Montana Renewables set a new record for Sustainable Aviation Fuel (SAF) production, and the specialties business reached its highest production levels in over five years [1][2] - Calumet announced a conditional commitment for a 1.44 billion loan from the Department of Energy (DOE) to support renewable fuels and biomass energy facility expansion [1][2][3] - The company successfully transitioned from a Master Limited Partnership (MLP) to a C-Corporation structure [1][2] Financial Performance - Q3 2024 sales totaled 1,100.4million,adecreasefrom1,100.4 million, a decrease from 1,149.4 million in Q3 2023 [2][13] - Gross profit for Q3 2024 was 4.9million,significantlylowerthan4.9 million, significantly lower than 261.5 million in Q3 2023 [2][13] - The Adjusted gross profit for Q3 2024 was 46.5million,downfrom46.5 million, down from 56.7 million in the same quarter last year [2][13] - Total corporate costs for Q3 2024 were (19.1)million,comparedto(19.1) million, compared to (14.6) million in Q3 2023 [2] Operational Highlights - The Specialty Products and Solutions segment reported an Adjusted EBITDA of 42.6millioninQ32024,upfrom42.6 million in Q3 2024, up from 38.6 million in Q3 2023 [2] - The Performance Brands segment achieved an Adjusted EBITDA of 13.6millioninQ32024,slightlyhigherthan13.6 million in Q3 2024, slightly higher than 13.2 million in Q3 2023, driven by a 19% increase in year-over-year volumes [2] - The Montana/Renewables segment reported Adjusted EBITDA of 12.7millioninQ32024,downfrom12.7 million in Q3 2024, down from 38.2 million in the prior year, reflecting improved operating results and higher volumes despite lower results from the specialty asphalt plant [2] Production Metrics - Total sales volume for Q3 2024 was 92,275 barrels per day (bpd), compared to 82,787 bpd in Q3 2023 [4] - The total feedstock runs for Q3 2024 were 81,480 bpd, slightly down from 82,409 bpd in Q3 2023 [4] - The Montana/Renewables segment produced 22,341 bpd in Q3 2024, an increase from 19,197 bpd in Q3 2023 [4] Strategic Initiatives - The company is focused on executing strategic initiatives to enhance shareholder value, including the expansion of renewable fuel production capabilities [1][2] - The DOE loan commitment is expected to position Montana Renewables as one of the largest SAF producers globally, with a production capacity of approximately 300 million gallons of SAF [1][3]