Calumet Reports Third Quarter 2024 Results

In This Article:

  • 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

 

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