Business
Calumet Specialty Products Partners, L.P. Reports Second Quarter 2022 Results
Net loss of $15.3 million, or $(0.19) per unit, for the second quarter 2022Second quarter Adjusted EBITDA of $175.8 millionCompleted Montana Renewables
About this update from Calumet, Inc
[{"type":"text","content":"Net loss of $15.3 million, or $(0.19) per unit, for the second quarter 2022Second quarter Adjusted EBITDA of $175.8 millionCompleted Montana Renewables financing, highlighting a $2.25 billion MRL enterprise valueSuper-cycle margin environment highlights benefits of integrated specialty businessINDIANAPOLIS, Aug. 5, 2022 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the \"Partnership,\" \"Calumet,\" \"we,\" \"our\" or \"us\"), today reported results for the second quarter ended June 30, 2022, as follows:\nThree Months Ended June 30,\nSix Months Ended June 30,\n2022\n2021\n2022\n2021\n(Dollars in millions, except per unit data)\nNet loss\n$ (15.3)\n$ (78.4)\n$ (110.8)\n$ (224.5)\nNet loss per unit\n$ (0.19)\n$ (0.97)\n$ (1.37)\n$ (2.79)\nAdjusted EBITDA\n$ 175.8\n$ 32.3\n$ 199.1\n$ 26.9\n \nSpecialty Products and Solutions\nPerformance Brands\nMontana/Renewables\nThree Months Ended June 30,\nThree Months Ended June 30,\nThree Months Ended June 30,\n2022\n2021\n2022\n2021\n2022\n2021\n(Dollars in millions, except per barrel data)\nGross profit (loss)\n$ 88.1\n$ 7.7\n$ 14.2\n$ 16.4\n$ 41.6\n$ (5.0)\nAdjusted gross profit\n$ 144.0\n$ 38.0\n$ 14.6\n$ 16.6\n$ 74.0\n$ 15.8\nAdjusted EBITDA\n$ 123.5\n$ 31.8\n$ 3.7\n$ 7.3\n$ 68.6\n$ 12.8\nGross profit (loss) per barrel\n$ 15.72\n$ 1.55\n$ 100.00\n$ 123.31\n$ 16.12\n$ (1.93)\nAdjusted gross profit per barrel\n$ 25.69\n$ 7.65\n$ 102.82\n$ 124.81\n$ 28.67\n$ 6.11\n \nSpecialty Products and Solutions\nPerformance Brands\nMontana/Renewables\nSix Months Ended June 30,\nSix Months Ended June 30,\nSix Months Ended June 30,\n2022\n2021\n2022\n2021\n2022\n2021\n(Dollars in millions, except per barrel data)\nGross profit (loss)\n$ 105.8\n$ (30.6)\n$ 27.5\n$ 39.9\n$ 43.3\n$ (32.2)\nAdjusted gross profit\n$ 179.4\n$ 42.5\n$ 28.5\n$ 40.8\n$ 85.9\n$ 15.4\nAdjusted EBITDA\n$ 151.6\n$ 29.6\n$ 9.0\n$ 23.3\n$ 77.6\n$ 10.8\nGross profit (loss) per barrel\n$ 9.51\n$ (3.51)\n$ 100.00\n$ 145.62\n$ 8.54\n$ (6.33)\nAdjusted gross profit per barrel\n$ 16.13\n$ 4.87\n$ 103.64\n$ 148.91\n$ 16.95\n$ 3.03\n \n\"Today is a special day at Calumet as we announce a record financial quarter and a transformational equity investment that places a $2.25 billion enterprise value on Montana Renewables,\" said Todd Borgmann, CEO. \"These achievements are the culmination of the extraordinary effort, co...