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

Stock Track08-09

Calumet Specialty Products Partners LP (NASDAQ: CLMT) reported strong operational performance in the second quarter of 2024, with revenue increasing 10.8% year-over-year to $1.13 billion, surpassing analyst estimates. The company's Specialty Products and Solutions segment delivered record production volumes and maintained specialty margins, while the Montana Renewables segment achieved full production levels, producing approximately 7 million gallons of sustainable aviation fuel (SAF).

Despite the revenue growth, Calumet reported a wider 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 increased 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. The company's CEO, Todd Borgmann, highlighted Calumet's operational strength and focus on executing strategic plans to create substantial shareholder value.

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