Business
Calumet Reports Second Quarter 2024 Results
Second quarter 2024 net loss of $39.1 million, or Limited partners' interest of $0.48 basic net loss per unitSecond quarter 2024 Adjusted EBITDA of $66.8
About this update from Calumet, Inc
[{"type":"text","content":"Second quarter 2024 net loss of $39.1 million, or Limited partners' interest of $0.48 basic net loss per unitSecond quarter 2024 Adjusted EBITDA of $66.8 millionSuccessfully completed conversion of structure from a Master Limited Partnership (\"MLP\") to a C-CorpMontana Renewables (\"MRL\") achieved full production levels for the second quarter; produced approximately 7 million gallons of SAFRecord volumes achieved in both Specialties and Renewables businessesINDIANAPOLIS, Aug. 9, 2024 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) today reported results of Calumet Specialty Products Partners, L.P. (the \"Partnership,\" \"Calumet,\" \"we,\" \"our\" or \"us\") for the second quarter ended June 30, 2024, as follows:\n\nThree Months Ended June 30, \nSix Months Ended June 30, \n2024\n2023\n2024\n2023\n(Dollars in millions, except per unit data)\nNet loss\n$\n(39.1)\n$\n(22.3)\n$\n(80.7)\n$\n(3.7)\nLimited partners' interest basic net loss per unit\n$\n(0.48)\n$\n(0.27)\n$\n(0.98)\n$\n(0.05)\nAdjusted EBITDA\n$\n66.8\n$\n68.1\n$\n88.4\n$\n145.4\n \nSpecialty Products and Solutions\nPerformance Brands\nMontana/Renewables\nThree Months Ended June 30, \nThree Months Ended June 30, \nThree Months Ended June 30, \n2024\n2023\n2024\n2023\n2024\n2023\n(Dollars in millions, except per barrel data)\nGross profit (loss)\n$\n39.1\n$\n45.3\n$\n25.1\n$\n21.4\n$\n(0.4)\n$\n4.8\nAdjusted gross profit\n$\n66.0\n$\n68.3\n$\n25.4\n$\n22.6\n$\n18.8\n$\n19.3\nAdjusted EBITDA\n$\n65.8\n$\n61.0\n$\n14.1\n$\n12.2\n$\n7.6\n$\n13.0\nGross profit (loss) per barrel\n$\n6.71\n$\n8.55\n$\n141.01\n$\n153.96\n$\n(0.18)\n$\n2.70\nAdjusted gross profit per barrel\n$\n11.32\n$\n12.90\n$\n142.70\n$\n162.59\n$\n8.53\n$\n10.85\n \nSpecialty Products and Solutions\nPerformance Brands\nMontana/Renewables\nSix Months Ended June 30, \nSix Months Ended June 30, \nSix Months Ended June 30, \n2024\n2023\n2024\n2023\n2024\n2023\n(Dollars in millions, except per barrel data)\nGross profit (loss)\n$\n124.4\n$\n155.2\n$\n47.4\n$\n45.0\n$\n(29.5)\n$\n(32.1)\nAdjusted gross profit\n$\n117.4\n$\n167.1\n$\n48.6\n$\n43.4\n$\n12.8\n$\n30.9\nAdjusted EBITDA\n$\n107.6\n$\n137.0\n$\n27.5\n$\n28.6\n$\n(6.9)\n$\n17.8\nGross profit (loss) per barrel\n$\n11.07\n$\n14.82\n$\n147.20\n$\n169.17\n$\n(6.92)\n$\n(9.47)\nAdjusted gross profit per barrel\n$\n10.45\n$\n15.95\n$\n150.93\n$\n163.16\n$\n3.0...