Calumet, Inc. (NASDAQ:CLMT) delivered second-quarter revenue that notably surpassed analyst expectations, even though the company reported a wider-than-anticipated loss.
Shares of the specialty products maker jumped 4.29% in premarket trading following the earnings release.
The company posted a net loss of $147.9 million, or -$1.70 per share, significantly worse than the estimated -$0.26 per share. Still, revenue reached $1.03 billion, beating the consensus forecast of $916.73 million. This strong top-line performance helped offset concerns over the earnings miss and supported the stock’s positive movement.
Calumet’s Specialty Products and Solutions segment showed resilience with Adjusted EBITDA of $66.8 million, reflecting solid margin growth and healthy volumes despite a planned month-long turnaround at its Shreveport plant. The firm’s cost-cutting measures are progressing well, generating $42 million in year-over-year operating expense savings through the first half of 2025.
“Our second quarter results reflect continued strength in our Specialties business, record operational performance at Montana Renewables, and meaningful cost reductions across the portfolio,” stated Todd Borgmann, Calumet’s CEO. “At Montana Renewables, operating costs fell to $0.43 per gallon in the second quarter — the lowest since launching the platform.”
The Montana Renewables unit is on track to reach 120-150 million gallons of annual sustainable aviation fuel (SAF) production by Q2 2026. During the quarter, it reported $16.3 million in Adjusted EBITDA with Tax Attributes, up from $8.7 million in the prior year period.
Total facility output declined to 79,912 barrels per day, down from 83,677 barrels per day a year earlier. Additionally, the company strengthened its balance sheet by calling $230 million of 2026 Senior Notes over the last four months.
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