Stock Track | Calumet Plummets 6.01% Intraday After Q1 Loss Widens on Non-Cash Charges and Operational Issues

Stock Track05-08

Calumet Specialty Products Partners LP (CLMT) shares plummeted 6.01% during intraday trading on Friday, following the release of its first-quarter financial results which showed a significantly wider net loss than expected.

The company reported a first-quarter net loss of $317 million, a substantial increase from a loss of $162 million in the prior-year period. Earnings per share came in at a loss of $3.64, which missed the FactSet consensus estimate of a $0.33 loss by a wide margin. While sales of $1.03 billion exceeded expectations, the bottom-line results were heavily impacted by $147.4 million in non-cash RINs expense and a $102.7 million unrealized derivatives loss.

Operational challenges also contributed to the disappointing quarter. The company cited an unplanned outage at its Shreveport facility due to organic chloride contamination, which reduced production, alongside a planned turnaround and expansion project at its Montana Renewables segment that limited its contribution for the period. Adjusted EBITDA for the quarter fell to $27.6 million from $38.1 million a year earlier.

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