Calumet Specialty Products Partners LP (CLMT) shares plummeted 5.95% in pre-market trading on Friday, following the release of its first-quarter financial results.
The company reported a net loss of $317 million for Q1 2026, significantly widening from a loss of $162 million in the same period last year. 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 beat 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, including an unplanned outage at the Shreveport facility due to organic chloride contamination and a planned turnaround at the Montana Renewables segment that limited production. Adjusted EBITDA fell to $27.6 million from $38.1 million a year earlier.
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