Calumet Specialty Products sees Q4 adjusted EBITDA $45M-$60M

Calumet announced preliminary selected financial results for Q4. The company currently expects to report a net loss of $54M-$24M and Adjusted EBITDA $45M-$60M for Q4. “Calumet continues to make meaningful strategic progress across the board,” said Todd Borgmann, CEO. “We saw this with the recently announced closing of our Department of Energy loan, and we also have achieved new operational milestones within both of our businesses. In our specialties business, we saw another exceptional production quarter following the volume records set in Q3…With the DOE loan closed, and the other strategic catalysts executed in 2024 behind us, we enter 2025 with a clear focus on deleveraging. Between this recently-closed DOE loan, cash flow from earnings, and our anticipated near-term capital raises, Calumet expects to pay down all of its 2026 notes, continue to de-lever the balance sheet and reduce its financing costs.” Q4 saw typical seasonal impacts to the fuel and asphalt business, which Calumnet expects to continue into 1Q25. Expects capital expenditures in 2025 of $50M-$70M in its specialties business and $10M-$20M of maintenance capital at Montana Renewables before its MaxSAF project. MaxSAF spending is expected to be $40M-$60M in 2025, of which 45%, or $18M-$27M, is expected to be funded from MRL operating cash flow, and the remainder from the next tranche of the DOE loan.