Core Insights - Calumet, Inc. reported a net loss of $40.7 million for Q4 2024, an improvement from a loss of $48.0 million in Q4 2023, with a basic loss per share of $0.47 compared to $0.59 in the previous year [2][38] - The company achieved an Adjusted EBITDA of $56.6 million in Q4 2024, up from $39.7 million in Q4 2023, indicating operational improvements [2][3] - Calumet announced the sale of its Royal Purple® industrial business for $110 million, which is expected to help reduce debt [2][7][10] Financial Performance - For the year ended December 31, 2024, Calumet reported a net loss of $222.0 million, a significant decline from a profit of $48.1 million in 2023 [2][38] - The total sales for Q4 2024 were $949.5 million, slightly down from $976.5 million in Q4 2023, while the annual sales increased to $4,189.4 million from $4,181.0 million [38] - The gross profit for Q4 2024 was $83.6 million, compared to $22.1 million in Q4 2023, while the annual gross profit decreased to $230.8 million from $451.7 million [38] Segment Performance - The Specialty Products and Solutions (SPS) segment reported an Adjusted EBITDA of $43.4 million in Q4 2024, down from $75.6 million in Q4 2023, impacted by negative crack spreads [3] - The Performance Brands (PB) segment saw an increase in Adjusted EBITDA to $16.3 million in Q4 2024 from $6.1 million in the same quarter of 2023, driven by a 15% growth in sales volume [4] - The Montana/Renewables (MR) segment reported a significant turnaround with Adjusted EBITDA of $10.9 million in Q4 2024, compared to a loss of $25.8 million in Q4 2023, aided by operational momentum and an insurance claim [5] Strategic Developments - The company completed its conversion to a C-Corporation in July 2024, which was approved by over 99% of unitholders [11] - Calumet received initial funding from the U.S. Department of Energy (DOE) in February 2025, amounting to approximately $782 million from a $1.44 billion loan facility, aimed at supporting the construction and expansion of its renewable fuels facility [12][15] - The expansion of Montana Renewables is expected to position the company as one of the largest producers of Sustainable Aviation Fuel (SAF) globally, with an anticipated production capacity of approximately 300 million gallons [13][14]
Calumet Reports Fourth Quarter and Fiscal Year 2024 Results