Calumet, Inc. reported a net loss of $222 million for the fiscal year ending December 31, 2024, a significant decline from a net income of $48.1 million in 2023. The company's total sales increased slightly to $4.19 billion, up from $4.18 billion in the previous year. However, gross profit fell sharply by 48.9% to $230.8 million, primarily due to a weakened commodity margin environment affecting its fuel-based products. Adjusted EBITDA also decreased to $194.8 million from $260.5 million in 2023, reflecting the challenges faced in both the Specialty Products and Solutions and Montana/Renewables segments.
In terms of operational performance, Calumet's Specialty Products and Solutions segment generated $2.79 billion in sales, while the Montana/Renewables segment contributed $1.06 billion, marking a 7.2% increase from the previous year. The Performance Brands segment saw an 8% rise in sales to $335.2 million, driven by strong demand for high-performance products. The company reported a total production volume of 80,108 barrels per day, a 5.7% increase from 75,804 barrels per day in 2023, indicating improved operational efficiency.
Strategically, Calumet completed a significant corporate conversion on July 10, 2024, transitioning from a partnership structure to a corporation. This conversion involved the exchange of common units for shares of common stock and the issuance of warrants. Additionally, the company secured a $1.44 billion loan guarantee from the U.S. Department of Energy to fund the expansion of its renewable fuels facility, with the first tranche of approximately $782 million disbursed in February 2025. This funding is expected to enhance Calumet's capacity to produce sustainable aviation fuel and renewable diesel.
Calumet's workforce as of February 28, 2025, consisted of approximately 1,620 employees, with about 623 covered by collective bargaining agreements. The company continues to focus on improving its operational efficiency and profitability, particularly in its renewable fuels segment, which is positioned to benefit from growing demand driven by decarbonization initiatives and government incentives. Looking ahead, Calumet anticipates that its integrated business model will help navigate the challenges posed by fluctuating commodity prices and economic conditions, while maintaining a strong focus on cash flow generation and capital management.
About Calumet, Inc. /DE
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