CLMT
Calumet, Inc.19.60
-0.82-4.02%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q4 '25)
No earnings call transcript available yet
Last Quarter (Q3 '25)
FY Q3 '25
Deleveraging details via MRL monetization
Q&A clarified Calumet's deleveraging roadmap, confirming cash flows plus prior asset sale cover 2026 notes while targeting $600M-$800M reduction via organic operations, accretive strategic activity, and partial Montana Renewables monetization after MaxSAF startup and RVO finalization. Analysts flagged Q3 Montana Renewables weakness, which management attributed to transitory $0.20/gal feedstock basis widening and SAF test-run downtime costing a few million gallons—now resolved amid flexible 1/3 splits of veg oil, corn oil, and tallow feeds. MaxSAF offtake presales exceed halfway, with DOE approvals pending and minimal operational gating items. PTC monetizations trend to 95% capture. Debt playbook looks solid. Management sounded bullish on 2026 renewables rebound; watch MaxSAF execution.
Key Stats
Market Cap
1.70BP/E (TTM)
-Basic EPS (TTM)
-0.42Dividend Yield
0%Recent Filings
10-Q
Q3 FY2025 results
Calumet swung to $313.4M net income in Q3 ended September 30, 2025, from a $100.6M loss y/y, as sales dipped 2.0% to $1,078.0M yet gross profit rocketed to $373.7M (34.7% margin) from $4.9M, fueled by RINs obligation reversal after EPA granted partial SREs for Shreveport and Montana refineries. Operating income hit $322.9M versus a $57.1M loss, with EPS at $3.61 on 86.9M diluted shares. Cash climbed to $94.6M plus $80.0M restricted; total debt $2.3B includes $805.5M non-recourse DOE loan (closed Feb 2025 for $781.8M to repay MRL facilities). Strong specialties drove record production. RINs litigation lingers.
8-K
Q3 profit surges to $313M
Calumet swung to $313.4M Q3 net income from a $100.6M loss last year, fueled by Specialty Products' record $80.2M Adjusted EBITDA—up from $50.7M. Cost cuts delivered $61M YTD savings, while Montana Renewables eyes 120-150M gallons SAF by Q2 2026 with 100M gallons committed. Cash flow restatement boosts operating cash $80M.
8-K
Cash flow restatement announced
Calumet's Audit Committee concluded on November 3, 2025, that Q1 and Q2 2025 10-Q cash flow statements require restatement due to misclassifying $81.3M and $76.9M of debt extinguishment costs from financing to operating activities—no impact on revenue, net income, or cash balances. This stems from a material weakness in cash flow controls. Restated filings are coming soon. Controls failed.
10-Q
Q2 FY2025 results
Calumet posted Q2 sales of $1,026.6M, down 9.4% y/y (derived), with gross loss of $43.6M versus $63.8M profit, as RINs mark-to-market losses hit $79.1M. Operating loss widened to $101.0M from $6.2M income y/y, while net loss ballooned to $147.9M from $39.1M, the net exceeding operating by >20% due to $52.9M interest expense. YTD sales fell 5.6% y/y to $2,020.5M, net loss $309.9M versus $80.7M; Q2 cash jumped to $110.6M (from $38.1M YE), boosted by $781.8M DOE Loan tranche used to extinguish $47.7M-cost MRL debt, leaving $2.3B total debt and $188.6M revolver availability. Closed Royal Purple industrial sale for $95.4M net in Q1. RINs obligation litigation lingers.
8-K
Q2 loss widens, EBITDA holds firm
Calumet posted Q2 net loss of $147.9M on $1.0B sales, yet Adjusted EBITDA with Tax Attributes hit $76.5M, up from $74.8M last year. Cost cuts delivered $42M savings through H1; Specialties showed margin gains despite Shreveport turnaround. Montana Renewables slashed costs to $0.43/gallon. MaxSAF expansion targets 120–150M gallons by Q2 2026.
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