CLMT
Calumet, Inc.19.60
-0.82-4.02%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
RVO sets constructive margin restart
Q&A drilled into renewables supply dynamics, where management sees 'ghost capacity' idled at variable margins awaiting RVO clarity, setting up a thoughtful restart that lifts floors for low-cost players like Montana Renewables. They capture over 100% of RD index margins via short supply chains, even in Q4's record-low environment. MaxSAF's diversified contracts—fixed $1-2/gal premiums over RD, scope credits, linked feedstocks—are already lifting volumes ahead of H2's 120-150M gallon ramp. Specialties stays durable above $60/bbl despite crude headwinds; Performance Brands shrugs off Q4 destocking. Analysts got straight answers on utilization and premiums. Bullish execution tone prevails. Investors eye RVO and SAF ramp.
Key Stats
Market Cap
1.70BP/E (TTM)
-Basic EPS (TTM)
-0.42Dividend Yield
0%Recent Filings
8-K
Calumet issues $150M notes
Calumet subsidiaries issued $150M of 9.75% Senior Notes due 2031 at 105% of par on March 17, 2026, netting ~$154.9M to repay revolver borrowings. This adds to $405M issued January 12, boosting total debt while freeing liquidity. Notes mature February 15, 2031. Forward-looking plans target 2028 notes redemption.
8-K
Prices $150M notes to repay revolver
Calumet priced $150M of additional 9.75% senior notes due 2031 at 105% of par on March 12, 2026, expecting $154.9M net proceeds to repay revolver borrowings; closing set for March 17. This supplements $405M issued January 12. Credit agreement amended to permit the notes. Revolver relief strengthens liquidity.
8-K
Plans $150M notes tack-on
Calumet's subsidiaries plan a $150.0 million tack-on offering of 9.75% Senior Notes due 2031, adding to $405.0 million issued January 12, 2026. Proceeds will repay revolver borrowings, with a Tenth Amendment to the credit agreement already consented to by lenders. Subject to market conditions. Risks could derail the deal.
8-K
Loss narrows, EBITDA surges
Calumet swung to a $33.8 million net loss for 2025 yet boosted Adjusted EBITDA with Tax Attributes to $293.3 million, up nearly 30% from 2024, fueled by $100 million in cost cuts and record Specialty Products & Solutions output. Debt plunged $222 million; Montana Renewables MaxSAF 150 expansion targets Q2 2026. Balance sheet strengthened sharply.
10-K
FY2025 results
Calumet posted FY2025 sales of $4.1B, down 1% y/y, but boosted Adjusted EBITDA to $293M (up 28%) via $100M operating cost cuts and Specialty Products record production. Q4 accelerated on stronger crack spreads and reliability gains, lifting Specialty gross profit per barrel 39% y/y while Montana Renewables cut costs sharply despite regulatory headwinds. Liquidity swelled to $448M on $97M Royal Purple industrial sale proceeds and DOE funding. MaxSAF expansion eyes Q2 2026 ramp. Commodity volatility crimps margins.
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