Business
Calumet Specialty Products Partners, L.P. Reports First Quarter 2023 Results
Net income attributable to partners of $28.7 million, or Limited partners' interest of $0.35 basic net income per unit, for the first quarter of 2023First
About this update from Calumet, Inc
[{"type":"text","content":"Net income attributable to partners of $28.7 million, or Limited partners' interest of $0.35 basic net income per unit, for the first quarter of 2023First quarter Adjusted EBITDA of $77.7 million; TTM Adjusted EBITDA of $444.0 millionMontana Renewables commences operations with renewable hydrogen, pretreatment unit, and SAF operation onlineINDIANAPOLIS, May 5, 2023 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the \"Partnership,\" \"Calumet,\" \"we,\" \"our\" or \"us\"), today reported results for the first quarter ended March 31, 2023, as follows:\nThree Months Ended March 31,\n2023\n2022\n(Dollars in millions, except per unit data)\nNet income (loss) attributable to partners\n$ 28.7\n$ (95.5)\nLimited partners' interest basic net income (loss) per unit \n$ 0.35\n$ (1.18)\nAdjusted EBITDA\n$ 77.7\n$ 23.3\n \nSpecialty Products and Solutions\nPerformance Brands\nMontana/Renewables\nThree months ended March 31,\nThree months ended March 31,\nThree months ended March 31,\n2023\n2022\n2023\n2022\n2023\n2022\n(Dollars in millions, except per barrel data)\nGross profit (loss)\n$ 110.3\n$ 17.7\n$ 23.6\n$ 13.3\n$ (37.2)\n$ 1.7\nAdjusted gross profit\n$ 99.2\n$ 35.4\n$ 20.8\n$ 13.9\n$ 11.3\n$ 11.9\nAdjusted EBITDA\n$ 76.4\n$ 28.1\n$ 16.4\n$ 5.3\n$ 4.8\n$ 9.0\nGross profit (loss) per barrel\n$ 21.30\n$ 3.21\n$ 185.83\n$ 100.00\n$ (23.09)\n$ 0.68\nAdjusted gross profit per barrel \n$ 19.15\n$ 6.42\n$ 163.78\n$ 104.51\n$ 7.01\n$ 4.78\n \n\"Financially and strategically, this was an extremely successful quarter for Calumet,\" said Todd Borgmann, CEO. \"The Company's financial performance further validates the quality of our unique specialties business as we have generated $444.0 million of Adjusted EBITDA over the past twelve months.\"\n\"Montana Renewables reached full operations in April. With our renewable hydrogen plant, pretreatment unit, and SAF units fully operating, we shift our focus to delivering industry-leading cash flow and further developing our Max SAF growth project on the path to a potential IPO of this pure-play renewable business.\" \n\"Over the past two years, we have stood up Montana Renewables and dramatically improved our credit profile simultaneously, which is a testament to our entire organization,\" said Borgmann.\nSpecialty Products and Solutions (SPS): The SPS segment reported Adjusted...