Calumet, Inc. reported a net loss of $100.6 million for the third quarter ended September 30, 2024, compared to a net income of $99.8 million in the prior year period. Adjusted EBITDA for the quarter was $49.8 million, a decrease from $75.4 million in Q3 2023.
The Specialty Products and Solutions (SPS) segment reported Adjusted EBITDA of $42.6 million, an increase from $38.6 million in Q3 2023, benefiting from strong operations despite previously announced downtime in July from Hurricane Beryl. The Performance Brands (PB) segment posted $13.6 million in Adjusted EBITDA, up from $13.2 million in Q3 2023, driven by 19% growth in year-over-year volumes.
The Montana Renewables (MR) segment reported $12.7 million of Adjusted EBITDA during the third quarter of 2024, a decrease from $38.2 million in the prior year period. This segment saw improved operating results, higher volumes from its renewables business, and achieved a new high point for Sustainable Aviation Fuel (SAF) production, though its specialty asphalt plant posted lower results due to tightened fuel spreads.
Calumet's CEO, Todd Borgmann, stated that the company continues to execute on its strategic catalysts, including the conversion to a C-Corp and the conditional commitment of a $1.44 billion DOE loan guarantee. Management expressed confidence in remaining on track to close the DOE loan as previously disclosed.
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