Calumet Stock Price, News & Analysis

Calumet Specialty Products Partners (NASDAQ: CLMT) reported a significant net loss of $146.1 million for Q1 2021, compared to a loss of $14.4 million in Q1 2020. The loss per unit was $1.82, while Adjusted EBITDA plummeted to $(5.4) million from $91.8 million year-over-year. Contributing factors included severe winter storms and scheduled maintenance, resulting in a 47% production reduction in the Specialty Products segment. Performance Brands saw growth with Adjusted EBITDA of $16 million compared to $10.6 million last year. The Montana/Renewables segment reported a $2 million loss in Adjusted EBITDA.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) is set to report its fiscal Q1 2021 results on May 7, 2021. A conference call to discuss these results will also occur on the same day at 9:00 AM ET, with a live webcast available on the company's website. Analysts, investors, and media are encouraged to join the call or listen to the replay later. Calumet specializes in manufacturing and marketing a variety of specialty products and operates twelve facilities across North America.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) reported significant losses for Q4 and FY 2020, with a net loss of $82.1 million and $149.0 million, respectively. Adjusted EBITDA also dropped to $(8.6) million for Q4 and $141.5 million for the year. The Specialty products segment showed growth, with a 43.5% increase in Adjusted EBITDA, while the Fuel products segment faced challenges, primarily due to rising RINs costs and weak refining fundamentals. Despite a tough year, management highlighted positive growth in the Specialties business, indicating a recovery outlook driven by vaccine rollout.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced the election of Jennifer G. Straumins as a director of Calumet GP, LLC, effective February 12, 2021. She succeeds her late father, F. William Grube, who passed away on November 24, 2020. With over a decade of experience at Calumet, including past roles as President and COO, Straumins is expected to uphold the legacy of founder Bill Grube, Sr. As Chair of Maverick Performance Products and a board member of Wincoram Asset Management, her diverse expertise may enhance the company's strategic direction.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced plans to report its financial results for Q4 and full year 2020 on March 3, 2021. A conference call will be held on the same date at 9:00 AM ET to discuss these results. Interested investors and analysts can access the live webcast on Calumet's website, or join via phone by dialing (866) 584-9671 with conference ID 7786751. A replay will be available shortly after the call. Calumet is a leading producer of specialty hydrocarbons in North America, operating nine manufacturing facilities across multiple states.

Calumet Specialty Products Partners, L.P. (CLMT) announced significant strategic updates on February 16, 2021. The Partnership successfully closed a $70 million sale leaseback transaction for fuels terminal assets at its Shreveport refinery. Key focuses include investing in high-growth Finished Lubricants & Chemicals, with an expected Adjusted EBITDA of over $60 million in 2021. The Great Falls refinery presents a renewable diesel production opportunity, potentially generating $220-260 million in Adjusted EBITDA. To enhance transparency, Calumet plans to re-segment its financial reporting beginning Q1 2021.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced a sale-leaseback agreement for its fuels terminal assets at the Shreveport refinery, valued at $70 million. The seven-year lease with Stonebriar Commercial Finance carries an implied interest rate of 8.4%. Proceeds will be used to redeem $70 million of the Company's 2022 Senior Notes. The transaction is subject to closing conditions and obtaining consent for indenture amendments, with a Consent Solicitation launched that expires on February 5, 2021. As of December 31, 2020, Calumet maintains strong liquidity of $263 million.

Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) announced the appointment of Paul C. Raymond III to its Board of Directors, effective November 3, 2020. With over three decades of experience in specialty chemicals, Raymond has held leadership roles at Monument Chemical, Sonneborn, and Ashland Water Technologies. His expertise aims to enhance Calumet's specialty-focused strategy. The Board now consists of nine members, and Raymond's background is expected to support the company's growth in high-quality hydrocarbon production and fuel products.

Calumet Specialty Products Partners (NASDAQ: CLMT) reported a net loss of $56.1 million for Q3 2020, compared to a net loss of $4.6 million in the same period last year.

Adjusted EBITDA fell 66.7% to $25.4 million, driven by non-cash charges, including a $9.2 million unrealized hedging loss. Despite challenges, the Specialty products segment showed resilience with a 7.2% gross profit increase year-over-year, reaching $86.5 million.

Liquidity as of September 30, 2020, was $269.3 million.