Business
Calumet Specialty Products Partners, L.P. Reports First Quarter 2024 Results
First quarter 2024 net loss of $41.6 million, or Limited partners' interest of $0.51 basic net loss per unitFirst quarter 2024 Adjusted EBITDA of $21.6
About this update from Calumet, Inc
[{"type":"text","content":"First quarter 2024 net loss of $41.6 million, or Limited partners' interest of $0.51 basic net loss per unitFirst quarter 2024 Adjusted EBITDA of $21.6 millionPlan to convert structure from a Master Limited Partnership to a C-Corp is on trackMontana Renewables (\"MRL\") improved sequentially through the quarter, posted positive EBITDA in March 2024, and operated at planned production levels in AprilMRL remains the largest SAF producer in the Western Hemisphere with 30 million gallons annual capacityShreveport turnaround completed successfully during the first quarter of 2024INDIANAPOLIS, May 10, 2024 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the \"Partnership,\" \"Calumet,\" \"we,\" \"our\" or \"us\"), today reported results for the first quarter ended March 31, 2024, as follows:\n\nThree Months Ended March 31, \n2024\n2023\n(Dollars in millions, except per unit data)\nNet income (loss)\n$\n(41.6)\n$\n18.6\nLimited partners' interest basic net income (loss) per unit\n$\n(0.51)\n$\n0.23\nAdjusted EBITDA\n$\n21.6\n$\n77.3\n \nSpecialty Products and Solutions\nPerformance Brands\nMontana/Renewables\nThree Months Ended March 31, \nThree Months Ended March 31, \nThree Months Ended March 31, \n2024\n2023\n2024\n2023\n2024\n2023\n(Dollars in millions, except per barrel data)\nGross profit (loss)\n$\n85.3\n$\n109.9\n$\n22.3\n$\n23.6\n$\n(29.1)\n$\n(36.9)\nAdjusted EBITDA\n$\n41.8\n$\n76.0\n$\n13.4\n$\n16.4\n$\n(14.5)\n$\n4.8\nGross profit (loss) per barrel\n$\n15.77\n$\n21.22\n$\n154.86\n$\n185.83\n$\n(14.16)\n$\n(22.91)\n \n\"We're anticipating an exciting and strategically important spring and summer at Calumet as we remain on pace to complete our C-Corp conversion and demonstrate the competitive advantages of Montana Renewables. Further, our DOE loan process and MaxSAF project preparation are progressing well,\" said Todd Borgmann, CEO. \"We enter the second quarter with solid operating momentum after executing a successful turnaround at our Shreveport facility and sequential monthly financial and operational improvement at Montana Renewables. MRL ended the first quarter by generating positive EBITDA in March, which continued into April. First quarter financial results were also affected by the sharp run-up in crude price that compressed specialty and wholesale asphalt margins, and by the annual winter...