Reports Q3 revenue $1.15B, consensus $1.04B. “Q3 at Calumet was a tale of two halves,” said CEO Todd Borgmann. “The quarter started with a strong proof point of Montana Renewables’ earnings power as we generated $14.2M of Adjusted EBITDA in July while processing 70% of geographically advantaged untreated feedstock. Meanwhile, our specialties business continued to benefit from a supportive demand environment and effective commercial execution despite crude costs increasing roughly $20 per barrel during the quarter. Unfortunately, we experienced transient operational issues at our Shreveport and Montana Renewables facilities. ….we are on track to be back online for a full month of production in December….While these one-time events cost us over $50M of lost profit opportunity during the quarter, we believe they are transitory in nature with the repairs either complete or nearly complete. Further, our ultimate strategic objectives are unchanged. The downtime in Great Falls likely pushes back our strategic timeline slightly, but with our DOE loan process, MaxSAF expansion engineering, and potential monetization all progressing, we remain confident that Calumet is poised to deliver against our plan to unlock the company’s intrinsic value for our unitholders in 2024.”
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