INDIANAPOLIS - Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) reported disappointing first quarter results that fell short of analyst expectations on Friday.
The company’s shares were down 5.05% in pre-market trading following the release.
The specialty petroleum products company posted a net loss of $162 million, or $1.87 per share, for the quarter ended March 31. This was significantly wider than the loss of $0.38 per share analysts were expecting. Revenue came in at $993.9 million, above the consensus estimate of $919.33 million.
Calumet’s adjusted EBITDA with tax attributes was $55 million for the quarter, compared to $28.1 million in the same period last year. The company said this metric includes $16.9 million of tax attributes from production tax credits.
"The first quarter of 2025 reflected significant progress on multiple strategic fronts," said CEO Todd Borgmann. He highlighted the closing of a $782 million Department of Energy loan for the company’s renewables business and the sale of its Royal Purple industrial business for $110 million.
However, the wider-than-expected loss appeared to overshadow these developments. Calumet’s specialty products and solutions segment saw gross profit swing to a loss of $34 million from a profit of $85.3 million last year.
The company said it expects to increase its sustainable aviation fuel capacity to 120-150 million gallons by Q2 2026, sooner than previously anticipated. It plans to achieve this expansion for $20-30 million in capital expenditures.
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