Core Insights - Calumet, Inc. reported a net loss of $100.6 million for Q3 2024, with a basic loss per common share of $1.18, compared to a net income of $99.8 million in Q3 2023 [1][2] - The company achieved an Adjusted EBITDA of $49.8 million in Q3 2024, down from $75.4 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 $1,100.4 million, a decrease from $1,149.4 million in Q3 2023 [2][13] - Gross profit for Q3 2024 was $4.9 million, significantly lower than $261.5 million in Q3 2023 [2][13] - The Adjusted gross profit for Q3 2024 was $46.5 million, down from $56.7 million in the same quarter last year [2][13] - Total corporate costs for Q3 2024 were $(19.1) million, compared to $(14.6) million in Q3 2023 [2] Operational Highlights - The Specialty Products and Solutions segment reported an Adjusted EBITDA of $42.6 million in Q3 2024, up from $38.6 million in Q3 2023 [2] - The Performance Brands segment achieved an Adjusted EBITDA of $13.6 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 $12.7 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]
Calumet Reports Third Quarter 2024 Results