Calumet Q3 adjusted EBITDA surges
CLMT•Calumet reported Q3 net income of $273.3 million and adjusted EBITDA of $322 million, up from $69.6 million a year earlier. It retired about $265 million in debt since July.
1. Q3 results
Calumet reported Q3 net income of $273.3 million and adjusted EBITDA of $322 million, compared with $69.6 million in adjusted EBITDA a year earlier. Q3 earnings per share were $2.91.
2. Business drivers
The specialty products segment benefited from a strong market environment, a global shortage of specialty products and commercial execution. Montana/Renewables results were driven by strong renewables margins and higher asphalt and conventional fuel margins; Performance Brands had solid volumes but compressed margins from feedstock cost escalation and price lag, and results included $7 million in insurance proceeds.
3. Debt and outlook
Calumet retired about $265 million in debt since July as part of its deleveraging strategy. The company said momentum is accelerating across both businesses and that it is advancing its MaxSAF expansion project.
