Calumet, Inc. reported third‑quarter 2025 results that marked a dramatic turnaround from the prior year. Net income rose to $313.4 million, giving a basic earnings per share of $3.61—an absolute beat of more than $3.99 per share over the consensus estimate of $‑0.35 to $‑0.38. Revenue reached $1.08 billion, exceeding the consensus range of $1.05 billion to $1.073 billion by roughly $7 million. Adjusted EBITDA climbed to $69.6 million, up 16% from the same period last year, and Adjusted EBITDA with tax attributes reached $92.5 million.
The Q3 2024 results were a stark contrast: the company posted a net loss of $100.6 million and a basic loss per share of $1.18. The jump to a $313.4 million profit therefore represents a 400% swing in net income and a 4.8‑point increase in basic EPS, underscoring the effectiveness of the company’s turnaround strategy.
Segment performance explains the earnings surge. The Specialty Products & Solutions (SPS) segment generated $80.2 million of Adjusted EBITDA, while Performance Brands contributed $13.2 million and Montana Renewables added $17.1 million (with tax attributes). SPS’s record production and higher specialty‑product margins drove the bulk of the profit, offsetting modest growth in the other segments. The company’s focus on high‑margin specialty chemicals and the expansion of its renewable‑fuel production in Montana have created a more resilient revenue mix.
Operating‑cost discipline was a key driver of the results. Calumet reported a year‑to‑date reduction of $61 million in operating costs, achieved through lower specialty‑product production costs and a $5 million quarterly fixed‑cost cut. The company also restated interim financials for March 31 and June 30, 2025, correcting a misclassification of cash‑flow items; the restatement had no impact on revenue, net income, or Adjusted EBITDA, but it clarified the company’s cash‑flow profile and reinforced confidence in its financial reporting.
Management highlighted the company’s deleveraging trajectory and its continued investment in the Montana Renewables MaxSAF expansion. CEO Todd Borgmann said, “Calumet posted strong financial results and continued to achieve key strategic milestones during the third quarter. Our financial success again demonstrated the strength of Calumet’s integrated specialties business, and our continued cost discipline and operational progress has driven a $61 million year‑to‑date reduction in operating costs versus last year.” The company reiterated its goal of reducing restricted debt to $800 million and signaled confidence in sustaining profitability as it scales its renewable‑fuel operations.
Investors reacted positively to the results. Analysts noted the significant EPS beat and the strong operational performance in the SPS segment as key drivers of the market’s favorable response. The company’s turnaround narrative, combined with its disciplined cost management and strategic investment in renewable fuels, reinforced investor confidence in Calumet’s long‑term growth prospects.
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