Business
Calumet Provides Preliminary Third Quarter 2024 Selected Financial Results
INDIANAPOLIS, Oct. 23, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the "Company," "Calumet," "we," "our" or "us") announced today preliminary selected
About this update from Calumet, Inc
[{"type":"text","content":"INDIANAPOLIS, Oct. 23, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) (the \"Company,\" \"Calumet,\" \"we,\" \"our\" or \"us\") announced today preliminary selected financial results for the third quarter ended September 30, 2024.\n\nBased on preliminary data, the Company currently expects to report a net loss between $110 million and $90 million and Adjusted EBITDA between $45 million and $55 million for the third quarter 2024. For a reconciliation of the preliminary estimate of Adjusted EBITDA to preliminary estimated net loss, the most directly comparable GAAP measure, see \"Non-GAAP Financial Measures\" below. Further, as of September 30, 2024, the Company estimates total liquidity of approximately $290 million comprised of approximately $35 million of unrestricted cash and cash equivalents and approximately $255 million of availability under our credit facilities.\nCalumet continued to demonstrate strong operations at Montana Renewables throughout the third quarter, processing approximately 12,000 barrels per day of renewable feedstock and producing over 2,500 barrels per day of sustainable aviation fuel (\"SAF\"). Further, a new SAF production record was achieved each month during the third quarter, culminating with approximately 3,200 barrels per day of SAF produced in September. Montana Renewables is expected to generate over $5 million of Adjusted EBITDA for the third quarter, despite experiencing a roughly $6 million impact to margins from feedstock price lag when the industry saw these prices abruptly drop approximately $0.40 per gallon in late July. Last, the Great Falls facility expects to conduct a planned turnaround in November to change catalyst. This timing is expected to allow completion prior to the winter season and to coincide with a period of margin uncertainty as the blender tax credit is expected to change to the production tax credit.\nOur Specialties business operated well during the third quarter, with total production volume increasing versus the prior quarter despite experiencing unplanned downtime in July from Hurricane Beryl. As previously disclosed, this downtime resulted in a loss of approximately 500,000 barrels of production, resulting in a lost opportunity of roughly $8 million. Specialty margins continue to remain resilient, largely in line with the second quarter, and fuel margins tighten...