Welcome to our dedicated page for Calumet news (Ticker: CLMT), a resource for investors and traders seeking the latest updates and insights on Calumet stock.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is a premier independent producer of specialty hydrocarbon products. Based in Indianapolis, Indiana, Calumet operates through four primary segments: Specialty Products and Solutions, Montana/Renewables, Performance Brands, and Corporate. These segments enable Calumet to deliver a diverse suite of products, including lubricating oils, solvents, waxes, food-grade white oils, pharmaceutical-grade petrolatums, asphalt, and heavy fuel oils, as well as a variety of renewable fuel products.
The Specialty Products and Solutions segment is the cornerstone of Calumet's business, generating the majority of the company's revenue. This segment focuses on providing customer-tailored solutions and formulations, leveraging a highly integrated production complex located in Northwest Louisiana.
The Montana/Renewables segment, operated by Montana Renewables, LLC, is a leader in North America's energy transition. This segment is noted for its production of low-emission sustainable alternatives, including Sustainable Aviation Fuel (SAF). Located in Great Falls, Montana, the facility processes up to 15,000 barrels of renewable feedstock per day, making it the largest SAF producer in the western hemisphere.
The Performance Brands segment specializes in high-performance consumer products and brands, contributing significantly to Calumet's market presence and financial success.
Recent Achievements:
- In January 2024, Calumet announced two major financing updates, simplifying its inventory and working capital management through a new Supply and Offtake Agreement with J. Aron and an expanded Asset-Backed Loan facility.
- In February 2024, Calumet signed a Conversion Agreement to transition from a Master Limited Partnership (MLP) to a C-Corp, aiming to broaden investor participation and enhance shareholder value.
- In April 2024, the company resumed production at its Montana Renewables facility, achieving significant operational milestones and positioning itself for robust future performance.
Calumet's strong focus on renewable energy, strategic financial management, and robust operational capabilities position it as a key player in the specialty products market. As the company progresses through 2024, it anticipates several catalysts that could further enhance shareholder value and operational efficiency.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) has announced important developments in its Renewable Diesel operation. The company has established Montana Renewables, LLC (MRL) as a separate subsidiary, receiving a $300 million convertible debt investment from Oaktree Capital and a $145 million preferred equity investment from Calumet. These moves aim to enhance MRL's renewable diesel production capabilities. Additionally, Calumet generated approximately $199 million in net cash and is actively reducing debt. This strategic reorganization positions Calumet favorably in the renewable energy sector.
Calumet Specialty Products Partners, L.P. (CLMT) reported its Q3 2021 results, achieving a net income of $51.5 million, a significant turnaround from a loss of $56.1 million in Q3 2020. The adjusted EBITDA reached $58.8 million, up from $34.7 million a year ago. Specialty Products and Solutions saw robust performance with adjusted EBITDA of $46.3 million, driven by record margins. However, supply chain issues affected the Performance Brands segment, limiting lubricant production capacity due to an additive shortage.
Univar Solutions B.V. announced an expanded distribution relationship with Calumet to distribute petrolatums and white oils across Europe, including the UK, France, Italy, and Spain. This partnership aims to enhance Univar's specialty oils portfolio, benefiting various sectors such as beauty, personal care, food processing, and pharmaceuticals. The collaboration is expected to improve product availability and customer solutions through a robust technical and sales support network. Both companies emphasize sustainability and continuous improvement in their operations to meet market demands.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) will report its fiscal third quarter results on November 5, 2021. Investors can listen to the conference call at 10:00 AM ET, which will include a discussion on financial and operational results. A webcast with presentation slides will be available on the company’s website. Participants can also join by calling (866) 584-9671 and entering conference ID 8791503. A replay will be accessible shortly after the call.
On October 4, 2021, Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced its participation in Deutsche Bank's 29th Annual Leveraged Finance Conference on October 5 and 6. Senior management will deliver a webcast presentation on October 6 at 11:00 AM ET, providing an overview of the company's business. Interested listeners can register via the conference website. Presentation slides will be available on the investor relations page of the company's website.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) will participate in the H.C. Wainwright 23rd Annual Global Investment Virtual Conference from September 13-15, 2021. Management will deliver a virtual presentation and engage in investor meetings during the event. Interested parties can access the presentation starting September 13 at 7 AM ET through www.hcwevents.com/annualconference. The presentation will also be available for 90 days post-event. Calumet is a leading manufacturer of specialty branded products with operations in North America.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) hosted a ribbon-cutting ceremony on August 19, 2021, in Great Falls, Montana, to celebrate the first delivery of seed oil feedstock for renewable diesel production. The event emphasizes the ongoing energy transition project at the facility, which aims to convert part of the plant to produce renewable fuels. This initiative is significant for the local community and is expected to support the integration of farm and ranch operations in Montana. The project is slated for completion, with operations beginning in Q2 2022.
Calumet Specialty Products Partners (NASDAQ: CLMT) reported a net loss of $78.4 million for Q2 2021, compared to a net income of $3.6 million in Q2 2020. Adjusted EBITDA fell to $32.3 million from $57.0 million year-over-year. The Performance Brands segment faced production challenges, leading to a significant backlog due to supply chain disruptions. While demand remained strong, gross profits decreased across segments. The company continues to progress on its Renewable Diesel project, with expectations of production starting after a turnaround next April, supported by favorable regional market dynamics.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) will release its fiscal second quarter 2021 results on August 6, 2021. A conference call to discuss these results is also scheduled for the same day at 9:00 AM ET. Interested parties can access the live presentation via webcast or by dialing in. Calumet operates twelve facilities across North America and specializes in manufacturing and marketing specialty branded products for consumer and industrial markets.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced participation in the Bank of America Merrill Lynch 2021 Energy Credit Conference on June 9, 2021. Senior management will address attendees in a fireside chat format and provide an overview of the Partnership’s business through a live webcast. Additionally, one-on-one and group meetings will be held with registered investors. Interested parties can access the webcast and investor presentation slides via the Partnership's investor relations page at www.calumetspecialty.com.
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