Stock Track | Calumet Reports Solid Q2 2024 Results Driven by Operational Strength

Stock Track08-09

Calumet Specialty Products Partners LP (NASDAQ: CLMT), a leading manufacturer of specialty products and renewable fuels, reported its second quarter 2024 financial results on August 9, 2024. The company delivered a strong operational performance, with revenue increasing 10.8% year-over-year to $1.13 billion, surpassing analyst estimates.

Despite the revenue growth, Calumet reported a net loss of $39.1 million, or $0.48 per unit, compared to a net loss of $22.3 million, or $0.27 per unit, in the second quarter of 2023. The wider loss was primarily attributed to commodity headwinds and tightening spreads in the company's specialty asphalt refinery business.

Adjusted EBITDA for the quarter stood at $66.8 million, slightly lower than $68.1 million in the same period last year. However, the company's Specialty Products and Solutions segment delivered a strong performance, with record production volumes and maintained specialty margins. The Montana Renewables segment also achieved full production levels, producing approximately 7 million gallons of sustainable aviation fuel (SAF) during the quarter.

Calumet's CEO, Todd Borgmann, highlighted the company's operational strength, stating, "Calumet benefited from a strong operational quarter as we continue to demonstrate the strength of our specialties and renewables businesses." He further emphasized the company's focus on executing strategic plans to create substantial shareholder value.

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The ...</p>\n\n<a href=\"\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CLMT","symbol_name":"卡路美","start_time":0,"source_url":"","article_id":"1103198014","we_media_id":"1086803395","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=1103198014","pubTimestamp":1723204956,"sourceInfo":null,"weMediaInfo":{"media_name":"Stock Track","introduction":"Track stock‘s movements and relevant news","home_visible":1,"id":"1086803395","head_image":"https://static.tigerbbs.com/a81accab1e7ee4144dc051f71903a390"},"summary":"Calumet Specialty Products Partners LP , a leading manufacturer of specialty products and renewable fuels, reported its second quarter 2024 financial results on August 9, 2024. 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