Calumet Specialty Products reports Q2 EPS (23c), consensus (4c)

Reports Q2 revenue $1.018B, consensus $1.02B. “Calumet and Montana Renewables took a series of strategic steps in the Q2,” said Todd Borgmann, CEO. “We demonstrated Montana Renewables’ ability to operate at over 12,000 bpd, de-risked our next generation feedstock pre-treatment technology, and became North America’s largest Sustainable Aviation Fuel producer. With these milestones met, we intend to demonstrate the financial competitiveness of Montana Renewables in the Q3, and we remain on track to accomplish our strategic objectives of deleveraging Calumet and unlocking unitholder value through a potential partial monetization of Montana Renewables. Our specialties business continues to execute commercially, and our supply chain team spent the back half of the quarter relentlessly focused on meeting customer demand as production in Northwest, LA was limited by a series of tornadoes and extreme weather. I was proud that our local teams were able to quickly repair our facilities all while managing many weather-related distractions at home and in the community.”