Calumet Stock Price, News & Analysis

Royal Purple continues its partnership with Formula DRIFT as the official engine oil for 2023 and 2024, marking its fourth and fifth consecutive years. Announced at the Performance Racing Industry Tradeshow in Indianapolis, the partnership includes a contingency sponsorship for the Formula DRIFT PROSPEC Championship, offering prize money for participants displaying Royal Purple decals. Additionally, driver Dylan Hughes will return with Royal Purple this season, having achieved two podium finishes in 2022. Royal Purple is known for high-performance lubricants, available through various retailers.

Royal Purple will showcase its BIOMAX™ Environmentally Acceptable Lubricants at the 2022 International WorkBoat Show in New Orleans from November 30 to December 2. The BIOMAX™ products are European-Ecolabel certified and comply with U.S. EPA VIDA/VGP standards. These lubricants are made from renewable, biodegradable materials, ensuring reduced environmental impact. The product line includes gear, hydraulic, and stern tube oils, designed to enhance equipment performance while minimizing cleanup costs in case of spillage. For more details, visit their website.

Calumet Specialty Products Partners (CLMT) reported a net income of $15.7 million ($0.19 per unit) for Q3 2022, a decrease from $51.5 million in Q3 2021. Adjusted EBITDA soared to $127.0 million from $58.8 million year-over-year, driven by strong market performance and business execution. Notable achievements include the commissioning of a renewable diesel plant and a partnership with Warburg Pincus for Montana Renewables. However, production volumes declined, impacting the Montana/Renewables segment's EBITDA, which fell to $11.3 million from $24.4 million in the previous year.

On November 7, 2022, Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced Steve Mawer's transition from Executive Chairman to Chairman of the Board, effective January 1, 2023. This change marks the conclusion of a planned transition begun earlier in the year. CEO Todd Borgmann expressed gratitude for Mawer's leadership and emphasized the company's operational performance and ongoing business transformation. Further details can be found in the Form 8-K filed with the U.S. Securities and Exchange Commission.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced the completion of two transactions to support the working capital needs of Montana Renewables LLC (MRL). The agreements included a Supply and Offtake Agreement with Macquarie Commodities, facilitating inventory monetization for renewable products, and a $90 million asset-backed revolving credit facility with Wells Fargo Bank. Bruce Fleming, EVP of Montana Renewables, stated these actions fulfill MRL's financing plan as operations commence.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced a donation of 25 color printers to Queensborough Elementary School and Fair Park Middle School in Shreveport, La. The initiative aims to support local education, responding to requests from teachers for essential classroom equipment. Billy McClain, Plant Manager, emphasized the company's commitment to community enhancement, reflected in its outreach efforts over 99 years. Calumet continues to engage with local schools and first responders, having recently raised $17,000 for first responders during a golf tournament.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) will report its fiscal third quarter 2022 results on November 9, 2022. A conference call to discuss these results is also scheduled for the same day at 9:00 AM ET. Investors and analysts can participate via a live webcast or dial-in. The replay will be available shortly after the call on the company's investor relations website. Calumet, headquartered in Indianapolis, Indiana, manufactures a diverse range of specialty products across North America.

Royal Purple, a leader in synthetic oils, announced its participation in the SEMA and AAPEX shows in Las Vegas from November 1-4, 2022. The company will unveil new products aimed at enhancing vehicle performance, including the Max-Restore High-Mileage Fuel Treatment and Max ATF. A highlight will be the Project Freedom custom car, a bespoke 2021 Ford Mustang GT California Special, showcasing innovative performance solutions. The unveiling will occur on November 1 at 12:30 p.m. at SEMA. Royal Purple aims to address challenges in vehicle maintenance and performance, emphasizing sustainability and technological advancements.