Latest news with #CLMT
Business Insider
4 days ago
- Business
- Business Insider
Analysts Are Bullish on Top Materials Stocks: Calumet Specialty Products (CLMT), First Quantum Minerals (FQVLF)
There's a lot to be optimistic about in the Materials sector as 2 analysts just weighed in on Calumet Specialty Products (CLMT – Research Report) and First Quantum Minerals (FQVLF – Research Report) with bullish sentiments. Elevate Your Investing Strategy: Take advantage of TipRanks Premium at 50% off! Unlock powerful investing tools, advanced data, and expert analyst insights to help you invest with confidence. Calumet Specialty Products (CLMT) Bank of America Securities analyst Conor Fitzpatrick reiterated a Buy rating on Calumet Specialty Products on August 8 and set a price target of $20.00. The company's shares closed last Friday at $14.37. According to Fitzpatrick is ranked #7287 out of 9949 analysts. Calumet Specialty Products has an analyst consensus of Moderate Buy, with a price target consensus of $20.80. First Quantum Minerals (FQVLF) Barclays analyst Ian Rossouw CFA maintained a Buy rating on First Quantum Minerals on August 8 and set a price target of C$27.30. The company's shares closed last Friday at $17.28. CFA has an average return of 31.3% when recommending First Quantum Minerals. According to CFA is ranked #4423 out of 9949 analysts. Currently, the analyst consensus on First Quantum Minerals is a Moderate Buy with an average price target of $18.01, which is a 6.1% upside from current levels. In a report issued on July 24, BMO Capital also maintained a Buy rating on the stock with a C$27.00 price target.
Yahoo
5 days ago
- Business
- Yahoo
Calumet Second Quarter 2025 Earnings: Revenues Beat Expectations, EPS Lags
Explore Calumet's Fair Values from the Community and select yours Calumet (NASDAQ:CLMT) Second Quarter 2025 Results Key Financial Results Revenue: US$1.03b (down 9.4% from 2Q 2024). Net loss: US$147.9m (loss widened by 271% from 2Q 2024). US$1.70 loss per share (further deteriorated from US$0.49 loss in 2Q 2024). Trump has pledged to "unleash" American oil and gas and these 15 US stocks have developments that are poised to benefit. All figures shown in the chart above are for the trailing 12 month (TTM) period Calumet Revenues Beat Expectations, EPS Falls Short Revenue exceeded analyst estimates by 8.3%. Earnings per share (EPS) missed analyst estimates significantly. Looking ahead, revenue is forecast to grow 3.9% p.a. on average during the next 3 years, compared to a 3.7% growth forecast for the Oil and Gas industry in the US. Performance of the American Oil and Gas industry. The company's shares are down 7.4% from a week ago. Risk Analysis We should say that we've discovered 3 warning signs for Calumet (2 don't sit too well with us!) that you should be aware of before investing here. Have feedback on this article? Concerned about the content? Get in touch with us directly. Alternatively, email editorial-team (at) article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned. Sign in to access your portfolio
Yahoo
7 days ago
- Business
- Yahoo
Calumet Reports Second Quarter 2025 Results
Second quarter 2025 net loss of $147.9 million, or basic loss per common share of $1.70 per share Second quarter 2025 Adjusted EBITDA with Tax Attributes of $76.5 million Company-wide cost reduction initiatives tracking ahead of plan, delivering $42 million in year-over-year operating cost savings through the first half of 2025 Montana Renewables remains on track to achieve 120–150 million gallons of annualized SAF production by second quarter of 2026 Specialties business demonstrating significant margin expansion and continued strong sales volume INDIANAPOLIS, Aug. 8, 2025 /PRNewswire/ -- Calumet, Inc. (NASDAQ: CLMT) today reported results of Calumet, Inc. (the "Company," "Calumet," "we," "our" or "us") for the second quarter ended June 30, 2025, as follows: Three Months Ended June 30, Six Months Ended June 30, 2025202420252024 (Dollars in millions, except per share/unit data) Net loss$ (147.9)$ (39.1)$ (309.9)$ (80.7) Basic earnings (loss) per common share/unit$ (1.70)$ (0.48)$ (3.58)$ (0.98) Adjusted EBITDA$ 55.1$ 74.8$ 93.2$ 102.9 Adjusted EBITDA with Tax Attributes$ 76.5$ 74.8$ 131.5$ 102.9 Specialty Products and SolutionsPerformance BrandsMontana/Renewables Three Months Ended June 30, Three Months Ended June 30, Three Months Ended June 30, 202520242025202420252024 (Dollars in millions, except per barrel data) Gross profit (loss)$ (14.9)$ 39.1$ 22.1$ 25.1$ (50.8)$ (0.4) Adjusted gross profit (loss)$ 75.6$ 72.9$ 22.3$ 25.4$ (2.0)$ 19.9 Adjusted EBITDA$ 66.8$ 72.7$ 13.5$ 14.1$ (5.1)$ 8.7 Adjusted EBITDA with Tax Attributes$ 66.8$ 72.7$ 13.5$ 14.1$ 16.3$ 8.7 Gross profit (loss) per barrel$ (2.72)$ 6.71$ 138.99$ 141.01$ (20.78)$ (0.18) Adjusted gross profit (loss) per barrel$ 13.81$ 12.51$ 140.25$ 142.70$ (0.82)$ 9.02 Specialty Products and SolutionsPerformance BrandsMontana/Renewables Six Months Ended June 30, Six Months Ended June 30, Six Months Ended June 30, 202520242025202420252024 (Dollars in millions, except per barrel data) Gross profit (loss)$ (48.9)$ 124.4$ 44.3$ 47.4$ (120.4)$ (29.5) Adjusted gross profit (loss)$ 140.5$ 129.7$ 46.5$ 48.6$ (10.2)$ 15.0 Adjusted EBITDA$ 123.1$ 119.9$ 29.3$ 27.5$ (18.7)$ (4.7) Adjusted EBITDA with Tax Attributes$ 123.1$ 119.9$ 29.3$ 27.5$ 19.6$ (4.7) Gross profit (loss) per barrel$ (4.51)$ 11.07$ 141.53$ 147.20$ (26.07)$ (6.92) Adjusted gross profit (loss) per barrel$ 12.95$ 11.54$ 148.56$ 150.93$ (2.21)$ 3.52 "Our second quarter results reflect continued strength in our Specialties business, record operational performance at Montana Renewables, and meaningful cost reductions across the portfolio," said Todd Borgmann, CEO. "Robust margin expansion and strong volumes were demonstrated in our Specialties segment despite a planned, month-long turnaround at our Shreveport facility, which was completed successfully. Further, disciplined operational execution drove approximately $42 million in year-over-year operating expense reductions through the first half of 2025. At Montana Renewables, operating costs (excluding SG&A) fell to $0.43 per gallon in the second quarter — the lowest since launching the platform, and this business has firmly established itself as one of the most competitively advantaged producers in the space." "Strategically, we are tracking well against our near-term objectives," Borgmann continued. "First, the regulatory environment for renewables has come into sharper focus over the past few months, creating a more supportive backdrop. Second, our MaxSAF™ expansion remains on pace, with 120–150 million gallons of SAF production expected online in the second quarter of 2026. Third, we enhanced our capital structure by calling $230 million of 2026 Senior Notes over the past four months. Finally, we continue to improve the cash flow profile of the business through disciplined operations and consistent commercial execution." Specialty Products and Solutions (SPS): The SPS segment reported Adjusted EBITDA of $66.8 million during the second quarter of 2025 compared to Adjusted EBITDA of $72.7 million for the same quarter a year ago. Segment results reflected strong specialty product sales and fixed cost reduction overcoming a planned turnaround in the second quarter of 2025. Performance Brands (PB): The PB segment reported Adjusted EBITDA of $13.5 million during the second quarter of 2025 versus Adjusted EBITDA of $14.1 million in the second quarter of 2024. Second quarter 2025 results reflected strong margin performance across the segment, particularly in our TruFuel brand. The second quarter 2024 results also include Adjusted EBITDA from the Royal Purple® Industrial business, which was divested in March 2025. Montana/Renewables (MR): The MR segment reported $16.3 million of Adjusted EBITDA with Tax Attributes during the first quarter of 2025 compared to Adjusted EBITDA with Tax Attributes of $8.7 million in the prior year period. This metric includes $21.4 million of Tax Attributes from the Production Tax Credit, which are added to Adjusted EBITDA to provide a comparable metric to prior periods, when the Blenders Tax Credit appeared in Adjusted EBITDA. The MR segment benefitted from dramatic operating cost reductions compared to the prior year period and record volumes in Montana Renewables. Corporate: Total corporate costs represent $(20.1) million of Adjusted EBITDA for the second quarter 2025. This compares to $(20.7) million of Adjusted EBITDA in the second quarter 2024. Operations Summary The following table sets forth information about the Company's continuing operations after giving effect to the elimination of all intercompany activity. Facility production volume differs from sales volume due to changes in inventories and the sale of purchased blendstocks such as ethanol and specialty blendstocks, as well as the resale of crude oil. Three Months Ended June 30, Six Months Ended June 30, 2025202420252024(In bpd)Total sales volume (1)88,76690,24287,16586,922Facility production:Specialty Products and Solutions:Lubricating oils11,93912,24511,65511,494Solvents7,9737,7367,7527,424Waxes1,3251,5591,2341,443Fuels, asphalt and other by-products34,46737,25034,45933,850Total Specialty Products and Solutions55,70458,79055,10054,211Montana/Renewables:Gasoline3,2173,5013,4603,524Diesel2,7642,9052,6302,804Jet fuel613713515534Asphalt, heavy fuel oils and other3,9074,0763,8294,112Renewable fuels12,04411,79710,99410,020Total Montana/Renewables22,54522,99221,42820,994Performance Brands1,6631,8951,6411,739Total facility production79,91283,67778,16976,944 (1) Total sales volume includes sales from the production at our facilities and certain third-party facilities pursuant to supply and/or processing agreements, sales of inventories and the resale of crude oil to third-party customers. Total sales volume includes the sale of purchased blendstocks. Webcast Information A conference call is scheduled for 9:00 a.m. ET on August 8, 2025, to discuss the financial and operational results for the second quarter of 2025. Investors, analysts and members of the media interested in listening to the live presentation are encouraged to join a webcast of the call with accompanying presentation slides, available on Calumet's website at Interested parties may also participate in the call by dialing (844) 695-5524. A replay of the conference call will be available a few hours after the event on the investor relations section of Calumet's website, under the events and presentations section and will remain available for at least 90 days. About Calumet Calumet, Inc. (NASDAQ: CLMT) manufactures, formulates, and markets a diversified slate of specialty branded products and renewable fuels to customers across a broad range of consumer-facing and industrial markets. Calumet is headquartered in Indianapolis, Indiana and operates twelve facilities throughout North America. Cautionary Statement Regarding Forward-Looking Statements Certain statements and information in this press release may constitute "forward-looking statements." The words "will," "may," "intend," "believe," "expect," "outlook," "forecast," "anticipate," "estimate," "continue," "plan," "should," "could," "would," or other similar expressions are intended to identify forward-looking statements, which are generally not historical in nature. The statements discussed in this press release that are not purely historical data are forward-looking statements, including, but not limited to, the statements regarding (i) demand for finished products in markets we serve, (ii) our expectation regarding our business outlook and cash flows, including with respect to the Montana Renewables business and our plans to de-leverage our balance sheet, (iii) our expectation that the Department of Energy facility will enable Montana Renewables to complete the MaxSAF™ construction on time and on budget, (iv) our ability to achieve the strategic and other objectives relating to the sale of the Royal Purple® industrial business, (v) the expected redemption of a portion of the outstanding 2026 Notes, (vi) our expectation regarding anticipated capital expenditures and strategic initiatives and (vii) our ability to meet our financial commitments, debt service obligations, debt instrument covenants, contingencies and anticipated capital expenditures. These forward-looking statements are based on our current expectations and beliefs concerning future developments and their potential effect on us. While management believes that these forward-looking statements are reasonable as and when made, there can be no assurance that future developments affecting us will be those that we anticipate. All comments concerning our current expectations for future sales and operating results are based on our forecasts for our existing operations and do not include the potential impact of any future acquisition or disposition transactions. Our forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions that could cause our actual results to differ materially from our historical experience and our present expectations or projections. Known material factors that could cause our actual results to differ materially from those in the forward-looking statements include: the overall demand for specialty products, fuels, renewable fuels and other refined products; the level of foreign and domestic production of crude oil and refined products; our ability to produce specialty products, fuel products, and renewable fuel products that meet our customers' unique and precise specifications; the marketing of alternative and competing products; the impact of fluctuations and rapid increases or decreases in crude oil and crack spread prices, including the resulting impact on our liquidity; the results of our hedging and other risk management activities; our ability to comply with financial covenants contained in our debt instruments; the availability of, and our ability to consummate, acquisition or combination opportunities and the impact of any completed acquisitions; labor relations; our access to capital to fund expansions, acquisitions and our working capital needs and our ability to obtain debt or equity financing on satisfactory terms; successful integration and future performance of acquired assets, businesses or third-party product supply and processing relationships; our ability to timely and effectively integrate the operations of acquired businesses or assets, particularly those in new geographic areas or in new lines of business; environmental liabilities or events that are not covered by an indemnity, insurance or existing reserves; maintenance of our credit ratings and ability to receive open credit lines from our suppliers; demand for various grades of crude oil and resulting changes in pricing conditions; fluctuations in refinery capacity; our ability to access sufficient crude oil supply through long-term or month-to-month evergreen contracts and on the spot market; the effects of competition; continued creditworthiness of, and performance by, counterparties; the impact of current and future laws, rulings and governmental regulations, including guidance related to the Dodd-Frank Wall Street Reform and Consumer Protection Act; the costs of complying with the Renewable Fuel Standard, including the prices paid for renewable identification numbers ("RINs"); our ability to sell, and the prices received for, PTCs; shortages or cost increases of power supplies, natural gas, materials or labor; hurricane or other weather interference with business operations; our ability to access the debt and equity markets; accidents or other unscheduled shutdowns; and general economic, market, business or political conditions, including inflationary pressures, instability in financial institutions, general economic slowdown or a recession, political tensions, conflicts and war (such as the ongoing conflicts in Ukraine and the Middle East and their regional and global ramifications). For additional information regarding factors that could cause our actual results to differ from our projected results, please see our filings with the SEC, including the risk factors and other cautionary statements in our latest Annual Report on Form 10-K and our other filings with the SEC. We caution that these statements are not guarantees of future performance and you should not rely unduly on them, as they involve risks, uncertainties, and assumptions that we cannot predict. In addition, we have based many of these forward-looking statements on assumptions about future events that may prove to be inaccurate. While our management considers these assumptions to be reasonable, they are inherently subject to significant business, economic, competitive, regulatory and other risks, contingencies and uncertainties, most of which are difficult to predict and many of which are beyond our control. Accordingly, our actual results may differ materially from the future performance that we have expressed or forecast in our forward-looking statements. Readers are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made. We undertake no obligation to publicly update or revise any forward-looking statements after the date they are made, whether as a result of new information, future events or otherwise, except to the extent required by applicable law. Certain public statements made by us and our representatives on the date hereof may also contain forward-looking statements, which are qualified in their entirety by the cautionary statements contained above. Non-GAAP Financial Measures Our management uses certain non-GAAP performance measures to analyze operating segment performance and non-GAAP financial measures to evaluate past performance and prospects for the future to supplement our financial information presented in accordance with generally accepted accounting principles ("GAAP"). These financial and operational non-GAAP measures are important factors in assessing our operating results and profitability and include performance measures along with certain key operating metrics. We use the following financial performance measures: EBITDA: We define EBITDA for any period as net income (loss) plus interest expense (including amortization of debt issuance costs), income taxes and depreciation and amortization. We believe net income (loss) is the most directly comparable GAAP measure to EBITDA. Adjusted EBITDA: We define Adjusted EBITDA for any period as: EBITDA adjusted for (a) impairment; (b) unrealized gains and losses from mark to market accounting for hedging activities; (c) realized gains and losses under derivative instruments excluded from the determination of net income (loss); (d) non-cash equity-based compensation expense and other non-cash items (excluding items such as accruals of cash expenses in a future period or amortization of a prepaid cash expense) that were deducted in computing net income (loss); (e) debt refinancing fees, extinguishment costs, premiums and penalties; (f) any net gain or loss realized in connection with an asset sale that was deducted in computing net income (loss); (g) amortization of turnaround costs; (h) LCM inventory adjustments; (i) the impact of liquidation of inventory layers calculated using the LIFO method; (j) RINs mark-to-market adjustments; (k) RINs incurrence expense; and (l) all extraordinary, unusual or non-recurring items of gain or loss, or revenue or expense. We define Adjusted EBITDA with Tax Attributes for any period as Adjusted EBITDA plus the notional value of Production Tax Credits, less the difference between the notional value of any Production Tax Credits sold and the amount realized from such sales. Specialty Products and Solutions segment Adjusted EBITDA Margin: We define Specialty Products and Solutions segment Adjusted EBITDA Margin for any period as Specialty Products and Solutions segment Adjusted EBITDA divided by Specialty Products and Solutions segment sales. Specialty Products and Solutions segment Adjusted gross profit (loss): We define Specialty Products and Solutions segment Adjusted gross profit (loss) for any period as Specialty Products and Solutions segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales. Performance Brands segment Adjusted gross profit (loss): We define Performance Brands segment Adjusted gross profit (loss) for any period as Performance Brands segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales. Montana/Renewables segment Adjusted gross profit (loss): We define Montana/Renewables segment Adjusted gross profit (loss) for any period as Montana/Renewables segment gross profit (loss) excluding the impact of (a) LCM inventory adjustments; (b) the impact of liquidation of inventory layers calculated using the LIFO method; (c) RINs mark-to-market adjustments; (d) depreciation and amortization; (e) RINs incurrence expense; and (f) all extraordinary, unusual or non-recurring items of revenue or cost of sales. The definition of Adjusted EBITDA that is presented in this press release is similar to the calculation of (i) "Consolidated Cash Flow" contained in the indentures governing our 11.0% Senior Notes due 2026 (the "2026 Notes"), our 8.125% Senior Notes due 2027 (the "2027 Notes"), each series of our 9.75% Senior Notes due 2028 (the "2028 Notes"), and our 9.25% Senior Secured First Lien Notes due 2029 (the "2029 Secured Notes") and (ii) "Consolidated EBITDA" contained in the credit agreement governing our revolving credit facility. We are required to report Consolidated Cash Flow to the holders of our 2026 Notes, 2027 Notes, 2028 Notes, and 2029 Secured Notes and Consolidated EBITDA to the lenders under our revolving credit facility, and these measures are used by them to determine our compliance with certain covenants governing those debt instruments. Please see our filings with the SEC, including our most recent Annual Report on Form 10-K and Current Reports on Form 8-K, for additional details regarding the covenants governing our debt instruments. These non-GAAP measures are used as supplemental financial measures by our management and by external users of our financial statements such as investors, commercial banks, research analysts and others, to assess: the financial performance of our assets without regard to financing methods, capital structure or historical cost basis; the ability of our assets to generate cash sufficient to pay interest costs and support our indebtedness; our operating performance and return on capital as compared to those of other companies in our industry, without regard to financing or capital structure; the viability of acquisitions and capital expenditure projects and the overall rates of return on alternative investment opportunities; and our operating performance excluding the non-cash impact of LCM and LIFO inventory adjustments, RINs mark-to-market adjustments, RINs incurrence expense, and depreciation and amortization. We believe that these non-GAAP measures are useful to analysts and investors, as they exclude transactions not related to our core cash operating activities and provide metrics to analyze our ability to fund our capital requirements and to pay interest on our debt obligations. We believe that excluding these transactions allows investors to meaningfully analyze trends and performance of our core cash operations. EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) should not be considered alternatives to Net income (loss), Operating income (loss), Net cash provided by (used in) operating activities, gross profit (loss) or any other measure of financial performance presented in accordance with GAAP. In evaluating our performance as measured by EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) management recognizes and considers the limitations of these measurements. EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes do not reflect our liabilities for the payment of income taxes, interest expense or other obligations such as capital expenditures. Accordingly, EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) are only a few of several measurements that management utilizes. Moreover, our EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) may not be comparable to similarly titled measures of another company because all companies may not calculate EBITDA, Adjusted EBITDA, Adjusted EBITDA with Tax Attributes, and segment Adjusted gross profit (loss) in the same manner. Please see the section of this release entitled "Non-GAAP Reconciliations" for tables that present reconciliations of EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes to Net income (loss), our most directly comparable GAAP financial performance measure; and segment Adjusted gross profit (loss) to segment gross profit (loss), our most directly comparable GAAP financial performance measure. CALUMET, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (In millions, except share/unit and per share/unit data) Three Months Ended June 30, Six Months Ended June 30, 2025202420252024 Sales$ 1,026.6$ 1,133.7$ 2,020.5$ 2,139.5 Cost of sales 1,070.2 1,069.9 2,145.5 1,997.2 Gross profit (loss) (43.6) 63.8 (125.0) 142.3 Operating costs and expenses: Selling 12.2 15.1 24.5 28.8 General and administrative 41.1 37.5 53.2 60.8 Gain on sale of business — — (62.2) — Other operating expense 4.1 5.0 9.2 10.2 Operating income (loss) (101.0) 6.2 (149.7) 42.5 Other income (expense): Interest expense (52.9) (56.8) (111.4) (117.6) Debt extinguishment costs (0.1) (0.1) (47.7) (0.3) Gain (loss) on derivative instruments 4.3 11.3 (2.9) (5.6) Other income 2.0 0.8 2.4 1.0 Total other expense (46.7) (44.8) (159.6) (122.5) Net loss before income taxes (147.7) (38.6) (309.3) (80.0) Income tax expense 0.2 0.5 0.6 0.7 Net loss$ (147.9)$ (39.1)$ (309.9)$ (80.7) Allocation of net loss to partners: Net loss attributable to partners $ (39.1) $ (80.7) Less: General partners' interest in net loss(0.8)(1.6) Net loss available to limited partners $ (38.3) $ (79.1) Earnings per share / Limited partners' interest net loss per unit: Basic and diluted$ (1.70)$ (0.48)$ (3.58)$ (0.98) Weighted average number of common shares / limited partner units outstanding: Basic and diluted 86,797,123 80,555,587 86,613,896 80,453,995 CALUMET, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (In millions, except share/unit data) June 30, 2025December 31, 2024 ASSETS(Unaudited) Current assets: Cash and cash equivalents$ 110.6$ 38.1 Restricted cash 80.0 7.8 Accounts receivable, net: Trade, less allowance for credit losses of $1.3 million and $1.1 million, respectively 271.1 241.7 Other 34.8 36.4305.9 278.1 Inventories 370.5 416.3 Prepaid expenses and other current assets 28.8 25.7 Total current assets 895.8 766.0 Property, plant and equipment, net 1,387.7 1,438.8 Other noncurrent assets, net 492.9 553.4 Total assets$ 2,776.4$ 2,758.2 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable$ 279.3$ 320.8 Accrued interest payable 47.7 45.4 Accrued salaries, wages and benefits 57.8 94.7 Obligations under inventory financing agreements — 32.0 Current portion of RINs obligation 457.0 245.4 Other current liabilities 102.4 89.8 Current portion of long-term debt 231.8 35.5 Total current liabilities 1,176.0 863.6 Other long-term liabilities 259.0 296.2 Long-term debt, less current portion 2,105.5 2,064.7 Total liabilities$ 3,540.5$ 3,224.5 Commitments and contingencies Redeemable noncontrolling interest$ 245.6$ 245.6 Stockholders' equity: Common stock: par value $0.01 per share, 700,000,000 shares authorized, and 86,659,413 and 85,950,493 shares issued and outstanding as of June 30, 2025 and December 31, 2024, respectively.$ 0.9$ 0.9 Additional paid-in capital 837.5 825.4 Warrants: 2,000,000 warrants issued and outstanding as of June 30, 2025 and December 31, 2024. 7.8 7.8 Accumulated deficit (1,848.9) (1,539.0) Accumulated other comprehensive loss (7.0) (7.0) Total stockholders' equity (1,009.7) (711.9) Total liabilities and stockholders' equity$ 2,776.4$ 2,758.2 CALUMET, INC. UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (In millions) Six Months Ended June 30, 20252024Operating activities Net loss$ (309.9)$ (80.7) Adjustments to reconcile net loss to net cash used in operating activities: Non-cash RINs (gain) expense 211.6 (44.4) Unrealized (gain) loss on derivative instruments (7.1) 14.6 Other non-cash activities 42.0 84.5 Changes in assets and liabilities (44.6) (1.5) Net cash used in operating activities$ (108.0)$ (27.5) Investing activities Additions to property, plant and equipment (31.2) (35.0) Proceeds from sale of business 95.4 — Net cash provided by (used in) investing activities$ 64.2$ (35.0) Financing activities Proceeds from borrowings — revolving credit facility 1,357.7 1,077.7 Repayments of borrowings — revolving credit facility (1,435.9) (899.3) Proceeds from borrowings — MRL revolving credit agreement 26.6 32.0 Repayments of borrowings — MRL revolving credit agreement (26.6) (38.6) Proceeds from borrowings — senior notes 100.0 200.0 Repayments of borrowings — senior notes (150.0) (229.0) Proceeds from inventory financing 192.9 408.1 Payments on inventory financing (213.3) (462.6) Proceeds from DOE Loan 781.8 — Proceeds from other financing obligations 40.0 — Repayments of borrowings - MRL Asset Financing Arrangements (368.0) — Repayments of borrowings - MRL Term Loan Credit Agreement (73.7) — Payments on other financing obligations (43.0) (25.9) Net cash provided by financing activities$ 188.5$ 62.4 Net increase (decrease) in cash, cash equivalents and restricted cash$ 144.7$ (0.1) Cash, cash equivalents and restricted cash at beginning of period$ 45.9$ 14.7 Cash, cash equivalents and restricted cash at end of period$ 190.6$ 14.6 Cash and cash equivalents$ 110.6$ 7.0 Restricted cash$ 80.0$ 7.6 Supplemental disclosure of non-cash investing activities Non-cash property, plant and equipment additions$ 24.1$ 26.1 CALUMET, INC. NON-GAAP RECONCILIATIONS RECONCILIATION OF NET INCOME (LOSS) TO EBITDA, ADJUSTED EBITDA, AND ADJUSTED EBITDA WITH TAX ATTRIBUTES (In millions) Three Months Ended June 30, Six Months Ended June 30, 2025202420252024 (Unaudited) Reconciliation of Net loss to EBITDA, Adjusted EBITDA, and Adjusted EBITDA with Tax Attributes: Net loss$ (147.9)$ (39.1)$ (309.9)$ (80.7) Add: Interest expense 52.9 56.8 111.4 117.6 Depreciation and amortization 36.7 36.4 73.8 72.4 Income tax expense 0.2 0.5 0.6 0.7 EBITDA$ (58.1)$ 54.6$ (124.1)$ 110.0 Add: LCM / LIFO gain$ (1.9)$ (9.5)$ (2.0)$ (0.5) Unrealized gain on derivative instruments (7.0) (3.0) (7.1) (38.7) Debt extinguishment costs 0.1 0.1 47.7 0.3 Amortization of turnaround costs 11.2 9.5 20.8 18.9 Gain on sale of business — — (62.2) — RINs incurrence expense 15.3 8.0 45.7 14.5 RINs mark-to-market (gain) loss 79.1 12.2 165.9 (58.9) Equity-based compensation and other items 10.1 4.7 (3.4) (2.6) Other non-recurring (income) expenses (1) 4.2 (0.8) 7.4 60.0 Noncontrolling interest adjustments 2.1 (1.0) 4.5 (0.1) Adjusted EBITDA$ 55.1$ 74.8$ 93.2$ 102.9 Tax attributes (2) 21.4 — 38.3 — Adjusted EBITDA with Tax Attributes$ 76.5$ 74.8$ 131.5$ 102.9 (1) For the six months ended June 30, 2024, other non-recurring expenses included a $51.7 million realized loss on derivatives related to the embedded derivatives for our inventory financing arrangements. (2) Tax attribute amounts reflect 100% of the notional value of Production Tax Credits generated for each respective period presented. The PTCs can be realized by applying the credits to the Company's tax expense or sold in a secondary market at a discounted rate expected to be in the range of 5% to 10%. A full valuation allowance was recognized on the PTCs to reflect Management's position that it is more likely than not the PTCs will be realized despite market and political uncertainty and the delay in final rule making regarding PTC treatment. CALUMET, INC. NON-GAAP RECONCILIATIONS RECONCILIATION OF MONTANA/RENEWABLES SEGMENT NET INCOME (LOSS) TO SEGMENT ADJUSTED EBITDA AND SEGMENT ADJUSTED EBITDA WITH TAX ATTRIBUTES (In millions) Three Months Ended June 30, Six Months Ended June 30, 2025202420252024 (In Millions) (Unaudited) Reconciliation of Montana/Renewables Segment Net loss to Segment Adjusted EBITDA and Segment Adjusted EBITDA with Tax Attributes: Montana/Renewables Segment Net loss$ (74.9)$ (23.7)$ (228.3)$ (77.6) Add: Depreciation and amortization$ 28.2$ 25.4$ 56.1$ 50.8 LCM / LIFO (gain) loss (6.3) (10.0) (7.0) 2.4 Interest expense 15.1 16.0 33.4 33.0 Debt extinguishment costs — — 47.6 — RINs incurrence expense 3.3 1.1 11.4 2.2 RINs mark-to-market (gain) loss 23.7 3.8 49.8 (19.4) Other non-recurring (income) expenses 3.7 (2.9) 8.2 4.0 Equity-based compensation and other items — — 5.6 — Noncontrolling interest adjustments 2.1 (1.0) 4.5 (0.1) Montana/Renewables Segment Adjusted EBITDA$ (5.1)$ 8.7$ (18.7)$ (4.7) Tax attributes (1) 21.4 — 38.3 — Montana/Renewables Segment Adjusted EBITDA with Tax Attributes$ 16.3$ 8.7$ 19.6$ (4.7) (1) Tax attribute amounts reflect 100% of the notional value of Production Tax Credits generated for each respective period presented. The PTCs can be realized by applying the credits to the Company's tax expense or sold in a secondary market at a discounted rate expected to be in the range of 5% to 10%. A full valuation allowance was recognized on the PTCs to reflect Management's position that it is more likely than not the PTCs will be realized despite market and political uncertainty and the delay in final rule making regarding PTC treatment. CALUMET, INC. RECONCILIATION OF SEGMENT GROSS PROFIT (LOSS) TO SEGMENT ADJUSTED GROSS PROFIT (In millions, except per barrel data) Three Months Ended June 30, Six Months Ended June 30, 2025202420252024(Unaudited)Reconciliation of Segment Gross Profit (Loss) to Segment Adjusted Gross Profit (Loss):Specialty Products and Solution segment gross profit (loss)$ (14.9)$ 39.1$ (48.9)$ 124.4LCM/LIFO inventory (gain) loss 4.9 0.7 4.2 (2.9)RINs incurrence expense 12.0 6.9 34.3 12.3RINs mark to market (gain) loss 55.4 8.4 116.1 (39.5)Depreciation and amortization 18.2 17.8 34.8 35.4Specialty Products and Solutions segment Adjusted gross profit$ 75.6$ 72.9$ 140.5$ 129.7Performance Brands segment gross profit$ 22.1$ 25.1$ 44.3$ 47.4LCM/LIFO inventory (gain) loss (0.5) (0.3) 0.8 (0.1)Depreciation and amortization 0.7 0.6 1.4 1.3Performance Brands segment Adjusted gross profit$ 22.3$ 25.4$ 46.5$ 48.6Montana/Renewables segment gross profit (loss)$ (50.8)$ (0.4)$ (120.4)$ (29.5)LCM/LIFO inventory (gain) loss (6.3) (10.0) (7.0) 2.4Loss on firm purchase commitments — — — 8.5RINs incurrence expense 3.3 1.1 11.4 2.2RINs mark to market (gain) loss 23.7 3.8 49.8 (19.4)Depreciation and amortization 28.1 25.4 56.0 50.8Montana/Renewables segment Adjusted gross profit (loss)$ (2.0)$ 19.9$ (10.2)$ 15.0Reported Specialty Products and Solutions segment gross profit (loss) per barrel$ (2.72)$ 6.71$ (4.51)$ 11.07LCM/LIFO inventory (gain) loss per barrel 0.90 0.12 0.39 (0.26)RINs incurrence expense per barrel 2.19 1.19 3.16 1.09RINs mark to market (gain) loss per barrel 10.12 1.44 10.70 (3.52)Depreciation and amortization per barrel 3.32 3.05 3.21 3.16Specialty Products and Solutions segment Adjusted gross profit per barrel$ 13.81$ 12.51$ 12.95$ 11.54Reported Performance Brands segment gross profit per barrel$ 138.99$ 141.01$ 141.53$ 147.20LCM/LIFO inventory (gain) loss per barrel (3.14) (1.69) 2.56 (0.31)Depreciation and amortization per barrel 4.40 3.38 4.47 4.04Performance Brands segment Adjusted gross profit per barrel$ 140.25$ 142.70$ 148.56$ 150.93Reported Montana/Renewables segment gross profit (loss) per barrel$ (20.78)$ (0.18)$ (26.07)$ (6.92)LCM/LIFO inventory (gain) loss per barrel (2.58) (4.54) (1.52) 0.56Loss on firm purchase commitments per barrel — — — 2.00RINs incurrence expense per barrel 1.35 0.49 2.47 0.52RINs mark to market (gain) loss per barrel 9.69 1.72 10.78 (4.55)Depreciation and amortization per barrel 11.50 11.53 12.13 11.91Montana/Renewables segment Adjusted gross profit (loss) per barrel$ (0.82)$ 9.02$ (2.21)$ 3.52Specialty Products and Solutions Adjusted EBITDA$ 66.8$ 72.7$ 123.1$ 119.9Specialty Products and Solutions sales 627.9 746.2 1,278.0 1,427.8Specialty Products and Solutions Adjusted EBITDA margin 10.6 %9.7 %9.6 %8.4 % View original content: SOURCE Calumet, Inc.
The Star
23-07-2025
- Business
- The Star
CapitaLand completes book-building to raise RM250mil
CLMT's new units are expected to list on Aug 8, 2025. PETALING JAYA: Capitaland Malaysia Trust (CLMT) has completed its accelerated book-building exercise to raise about RM250mil in gross proceeds from a private placement of 409.8 million units at an issue price of 61 sen per unit. According to filing with Bursa Malaysia, the issue represents a discount of about 6.9% to the five-day volume weighted average price (VWAP) of units up to and including July 22, 2025, of 65.49 sen. Taking into account the income distribution of 2.46 sen for the period of Jan 1 to June 30, 2025, and the advanced income distribution of 0.47 sen for July 1 to Aug 6, 2025, the issue price is a discount of about 2.5% to the adjusted five-day VWAP up to and including July 22, 2025, of 62.56 sen. CapitaLand Malaysia REIT Management Sdn Bhd said in a separate statement the private placement was 'well oversubscribed, attracting strong participation from new and existing unitholders, including institutional investors and accredited investors'. A majority of the private placement new units were allocated to long-only investors. The proceeds will primarily be used to repay existing bank borrowings incurred for the acquisitions of nine industrial and logistics assets, including the completed acquisitions of the Valdor Logistics Hub and Glenmarie Distribution Centre. 'The placement is part of the manager's prudent capital management strategy to optimise CLMT's financing structure, enhance balance sheet flexibility and create additional headroom for future growth opportunities. 'The issuance of new placement units will increase the number of units in circulation, thereby enhancing CLMT's trading liquidity,' said the REIT manager. CLMT's new units are expected to list on Aug 8, 2025. For the second quarter of financial year ended June 30, 2025, CLMT's net profit rose to RM35.07mil from RM33.47mil in the previous corresponding period, while revenue grew to RM115.73mil from RM113.65mil a year earlier. CLMT said the increase in gross revenue was mainly due to higher revenue recorded by most of the properties within its portfolio as a result of positive rental reversions, rental step-up and the commencement of rental income recognition from Glenmarie Distribution Centre and Senai Airport City Facilities effective January and June 2025 respectively.
New Straits Times
23-07-2025
- Business
- New Straits Times
CapitaLand completes bookbuilding to raise RM250mil from private placement
KUALA LUMPUR: CapitaLand Malaysia Trust Bhd (CMLT) has completed its accelerated bookbuilding exercise to raise RM250 million in gross proceeds from its private placement. CLMT, in a statement today, said a total of 409.8 million new units at 61 sen each will be issued under the private placement. "The private placement was well oversubscribed, attracting strong participation from new and existing unitholders, including institutional investors and accredited investors. "A majority of the private placement new units were allocated to long-only investors," it said. According to CLMT, the proceeds will primarily be used to repay existing bank borrowings incurred for the acquisitions of nine industrial and logistics assets. These include the completed acquisitions of Valdor logistics hub and Glenmarie distribution centre which are already contributing to income, it said. CLMT said the placement is part of the manager's prudent capital management strategy to optimise CLMT's financing structure, enhance balance sheet flexibility and create additional headroom for future growth opportunities. "The issuance of new placement units will increase the number of units in circulation, thereby enhancing CLMT's trading liquidity," it added. CLMT's new units are expected to be listed on Aug 8 this year.
