Calumet Specialty Products reports Q4 EPS (59c), consensus (39c)

Reports Q4 revenue $976.5M, consensus $926.13M. “2023 was a strategically foundational year for Calumet,” said Todd Borgmann, CEO. “At Montana Renewables, we completed the construction and startup of the business, demonstrated our ability to source local advantaged feedstock, optimized product placement between Canada and the West Coast, de-risked our technology, became the largest SAF producer in North America, and progressed plans to expand our first mover advantage through our MaxSAF project. Further, our Specialties business continued to advance its commercial leadership position with our fifth straight year of margin growth. The Company also announced a plan to convert our corporate structure from an MLP to a C-Corp by the middle of 2024, which we believe will open up the Calumet investment opportunity to a much broader audience. Our 2023 financial results lagged our strategic progress due to the need to replace a cracked steam drum in Montana that left us operating at significantly reduced rates through the second half of the year and two weather events in Shreveport which resulted in significant lost opportunity.”