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 reported a net loss of $15.3 million for Q2 2022, improving from a loss of $78.4 million a year earlier. The Adjusted EBITDA was $175.8 million, significantly up from $32.3 million in Q2 2021. The company completed financing for Montana Renewables, establishing its enterprise value at $2.25 billion. Key segments showed strong performance with Specialty Products and Solutions segment achieving Adjusted EBITDA of $123.5 million, aided by increased production and higher fuel margins. Production volumes across various segments saw significant year-over-year growth.
Calumet Specialty Products Partners (NASDAQ: CLMT) announced significant investments in its subsidiary Montana Renewables LLC (MRL) valued at $2.25 billion. Warburg Pincus will invest $250 million through preferred equity, and Stonebriar Commercial Finance will add $350 million via sale and leaseback agreements. MRL aims to produce low-emission fuels like Renewable Diesel and Sustainable Aviation Fuel, enhancing its capacity to 18,000 barrels per day by 2024-25. The aggregate transactions improve MRL's liquidity to approximately $300 million.
Royal Purple has launched a new branding campaign titled No Matter What Drives You, aimed at expanding its reach in the premium synthetic motor oils market. The campaign leverages the brand's strong street reputation and aims to inspire engagement across various industries and consumers globally. With products used by sectors ranging from daily drivers to NASA, Royal Purple emphasizes its commitment to quality and performance. The company targets diverse audiences highlighting the versatility of its products, which enhance fuel economy and equipment longevity.
Royal Purple, based in Porter, Texas, has released a report highlighting that specific fuel system additives can save consumers and businesses 6-10% on fuel economy, particularly relevant as gasoline prices reach $5 per gallon. Shipping industries, spending up to 50% of budgets on fuel, stand to gain significantly. The company's additives are designed to improve engine performance by removing deposits, thus maximizing fuel efficiency. Independent tests indicate diesel engines can see up to 10% efficiency gains with Royal Purple Max-Tane, while gasoline engines can achieve up to 6.1% with Max-Clean.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced it will report its second quarter 2022 results on August 5, 2022. A conference call discussing these results is scheduled for 9:00 AM ET on the same day. Investors, analysts, and media can access the live webcast and presentation materials through the company's investor relations site. A replay will be available shortly after the call. Calumet manufactures and markets a variety of specialty products across multiple consumer and industrial sectors from its twelve facilities in North America.
Calumet Specialty Products Partners (CLMT) reported a net loss of $95.5 million, or $(1.18) per unit, for Q1 2022, an improvement from a loss of $146.1 million in Q1 2021. Adjusted EBITDA rose to $23.3 million from a negative $5.4 million year-over-year. The specialty products division showed strong momentum, achieving $28.1 million in Adjusted EBITDA, while Performance Brands experienced a decline to $5.3 million. The renewable diesel segment is expanding with significant feedstock volumes secured. The company anticipates improved cash flow, supporting its deleveraging goals.
Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) will report its financial results for Q1 2022 on May 6, 2022. A conference call is scheduled for the same day at 9:00 AM ET to discuss the results. Interested parties can join the call via a webcast, accessible with presentation slides, or by phone. The company, based in Indianapolis, Indiana, produces specialty branded products across various markets, operating twelve facilities in North America.
Calumet Specialty Products Partners (CLMT) announced its Q4 2021 results, reporting a net loss of $87.1 million compared to $82.1 million in Q4 2020. The full-year net loss reached $260.1 million, up from $149.0 million in 2020. Adjusted EBITDA for Q4 was $24.6 million, a decline from $33.8 million in the previous year. The company raised $675 million in capital, enabling debt reduction and strategic initiatives for its Montana/Renewables (MRL) project. Despite challenges in the Performance Brands segment, a record sales backlog of $34 million was noted. Leadership changes are also set for May 2022.
Calumet Specialty Products Partners (NASDAQ: CLMT) announced the retirement of its co-founder and Chairman, Fred Fehsenfeld, effective May 1, 2022. Steve Mawer will transition from CEO to Executive Chairman, while Todd Borgmann, currently EVP & CFO, will become the new CEO. Vince Donargo, Chief Accounting Officer, will take on the role of EVP & CFO. The leadership team emphasizes continuity in the company's strategic direction despite this transition, with a focus on transforming Calumet into two best-of-breed businesses.
Calumet Specialty Products Partners (NASDAQ: CLMT) announced plans to report its fourth quarter and full year 2021 results on February 25, 2022. A conference call to discuss these results will be held on the same day at 9:00 AM ET. Investors and analysts can join the live webcast on Calumet's website, which will include presentation slides, or by dialing in at (866) 584-9671 with conference ID 2259825. A replay of the call will be accessible shortly thereafter on their investor relations page.
FAQ
What is the current stock price of Calumet (CLMT)?
What is the market cap of Calumet (CLMT)?
What does Calumet Specialty Products Partners, L.P. produce?
Where is Calumet Specialty Products Partners, L.P. headquartered?
What are the main segments of Calumet's business?
What recent financial updates has Calumet announced?
What is Montana Renewables' role in Calumet's operations?
What is the significance of Calumet's transition to a C-Corp?
How many facilities does Calumet operate?
What are some of the recent achievements of Calumet?
What are Calumet's plans for the future?
How can investors participate in Calumet's upcoming conference calls?
