Calumet Specialty Products reports Q4 EPS (86c), consensus 0c

Reports Q4 revenue $999.8M, consensus $904.43M. "2022 was a game-changing year for Calumet as Montana Renewables delivered many strategic milestones, and our specialties business set new financial and operational highs," said Todd Borgmann, CEO. "The successful startup of our Renewable Diesel unit nicely caps a year in which Montana Renewables converted from a project to a business. Two years ago we launched this journey with fairly unconventional thinking around the renewable diesel market, and since then the business has been financed, logistically advantaged feedstock and offtake was secured, we have demonstrated the ability to operate at plan, and our unconventional thinking has gone mainstream. Further, the exceptional performance of our specialty business enabled critical strategic objectives to be met in 2022. Throughout the year, we were able to dramatically improve key leverage metrics, which has been a goal for several years. Also, the substantial cash flow generated by our specialties business allowed us to retain more equity in Montana Renewables as its value accelerated quickly through construction. In a few short weeks, our pre-treater is expected to be online, cementing Montana Renewables feedstock advantage and positioning us for long-term success."