Calumet Posts $1.68B in Third-Quarter Sales
CLMT has more than doubled off its 52-week low of $17.85.
Summary
Calumet reported third-quarter sales of $1.68 billion, the first top-line number out for the quarter, alongside SPS Adjusted EBITDA that rose to $248.1 million and earnings per share of $2.91. The revenue figure lands against a Q2 baseline where the company posted a $95.9 million net loss but $175.2 million in Adjusted EBITDA with Tax Attributes on strong specialty margins and fuel crack spreads. This arrives after a run of balance-sheet moves: the September cut to Montana Renewables' Phase 2 spending, the $100 million ABL increase to $600 million, the $150 million note redemption, and the roughly $30 million a year expected from the CMR asset lease.
At the time of this announcement, CLMT was trading at $44.75 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $3.8B. The 52-week trading range was $17.85 to $59.87. This news item was assessed with positive market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.