Calumet, Inc. (CLMT), a producer of lubricating oils, solvents, and waxes, announced on Tuesday an anticipated net loss for the fourth quarter.
According to preliminary data, Calumet forecasts a net loss ranging from $54 million to $24 million for the quarter. After excluding specific items, the adjusted EBITDA is expected to be between $45 million and $60 million.
The company highlighted that both the net loss and adjusted EBITDA received a positive impact of approximately $20 million in insurance proceeds. This was due to business interruption claims tied to a previously reported steam drum crack in the Montana Renewables segment.
CEO Todd Borgmann stated, "With the DOE loan finalized and strategic objectives for 2024 achieved, we move into 2025 with an emphasis on reducing leverage. We plan to utilize the recent DOE loan closure, earnings-driven cash flow, and upcoming capital raises to repay all of our 2026 notes, further de-lever the balance sheet, and lower financing costs."
