Calumet (NASDAQ:CLMT) Issues Earnings Results, Beats Estimates By $1.28 EPS

Key Points

• Calumet reported EPS of $2.91, beating estimates of $1.63, while revenue rose 56.1% year over year to $1.68 billion, above the $1.34 billion forecast.
• Adjusted EBITDA with tax attributes reached $347 million, led by Specialty Products and Solutions and record results at Montana Renewables. The company also retired about $265 million of debt in four months, lowering annual cash interest by roughly $26 million.
• Despite the strong results, shares fell 8.6% on Friday. Performance Brands’ EBITDA declined year over year amid rising input costs and a lag in passing costs through to customers.

Calumet (NASDAQ:CLMT - Get Free Report) posted its quarterly earnings results on Friday. The oil and gas company reported $2.91 EPS for the quarter, topping analysts' consensus estimates of $1.63 by $1.28, FiscalAI reports. The business had revenue of $1.68 billion during the quarter, compared to analysts' expectations of $1.34 billion. The firm's revenue for the quarter was up 56.1% on a year-over-year basis. During the same period in the prior year, the firm posted $3.61 earnings per share.

Here are the key takeaways from Calumet's conference call:

• Calumet reported $347 million of third-quarter Adjusted EBITDA with Tax Attributes, including $248 million from Specialty Products and Solutions and a record $80 million at Montana Renewables. Management said it retired about $265 million of debt in four months, reducing annual cash interest by roughly $26 million.
• Specialty margins benefited from global supply disruptions, with specialty material margin above $108 per barrel and sales volumes exceeding 20,000 barrels per day for an eighth consecutive quarter. Management expects the market to remain tight into 2027 and beyond, while acknowledging current results are elevated and not necessarily a new norm.
• Montana Renewables’ record quarter and revised MaxSAF plan position it to expand SAF production while saving about $1 billion versus the original project plan. The company has begun equipment tie-ins and targets a 200-million-gallon annual SAF run rate in 2028.
• Performance Brands’ Adjusted EBITDA fell to $9.1 million from $13.2 million a year earlier as input costs rose faster than retail pricing could adjust. Management expects margins to normalize once costs stabilize, but the segment continues to face a 60- to 90-day pricing lag.
• Management said the Shreveport turnaround is complete and expects higher production capability going forward, with specialty volumes and demand remaining solid into the fourth quarter. However, the turnaround and Montana Renewables tie-in took facilities offline for portions of the quarter.

Calumet Trading Down 8.6%

Shares of NASDAQ CLMT traded down $3.71 during trading hours on Friday, hitting $39.64. 3,084,442 shares of the company traded hands, compared to its average volume of 1,411,109. The stock has a market capitalization of $3.48 billion, a price-to-earnings ratio of -25.57, a price-to-earnings-growth ratio of 0.75 and a beta of 0.65. The company's 50 day moving average price is $53.42 and its 200 day moving average price is $38.99. Calumet has a 12 month low of $17.85 and a 12 month high of $59.87.

Wall Street Analysts Forecast Growth

Several research firms have recently commented on CLMT. Weiss Ratings reissued a "sell (d-)" rating on shares of Calumet in a report on Wednesday. Citigroup reaffirmed a "buy" rating on shares of Calumet in a research note on Monday, August 10th. UBS Group lifted their price target on shares of Calumet from $26.00 to $47.00 and gave the company a "neutral" rating in a report on Tuesday, August 25th. The Goldman Sachs Group reiterated a "neutral" rating and issued a $57.00 price target on shares of Calumet in a research note on Wednesday, October 21st. Finally, TD Cowen boosted their price target on shares of Calumet from $34.00 to $40.00 and gave the stock a "hold" rating in a research note on Wednesday, August 12th. Two research analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the company presently has a consensus rating of "Hold" and an average target price of $54.75.

More Calumet News

Here are the key news stories impacting Calumet this week:

• Positive Sentiment: Q3 revenue rose 56.1% year over year to $1.68 billion, ahead of the $1.34 billion estimate. EPS of $2.91 also topped the $1.63 consensus. Adjusted EBITDA with tax attributes increased to $347.2 million from $92.5 million a year earlier. Calumet Reports Third Quarter 2026 Results
• Positive Sentiment: Specialty Products & Solutions generated $248.1 million in adjusted EBITDA, benefiting from a strong market and supply-chain disruptions. Montana Renewables also reported record earnings in its first full quarter of operations since the SET2 RVO, supporting the company’s renewables growth story. Calumet Q3 2026: Specialty Shortage Fuels a Blowout Quarter
• Positive Sentiment: Calumet said it has retired approximately $265 million of debt since July, accelerating deleveraging. Recent lease and agreement changes are intended to support Montana Renewables and the MaxSAF expansion. Calumet Announces CMR Asset Lease Details and Revised Agreement with Warburg Pincus
• Negative Sentiment: Reported EPS was below the $3.61 recorded in Q3 2025, and Zacks Research recently cut its rating from “strong-buy” to “hold.” Those factors may temper the reaction to the estimate-beating quarter. Zacks Research ratings

Calumet Company Profile

Calumet, formerly known as Calumet Specialty Products Partners, L.P., is a manufacturer of specialty hydrocarbon products and renewable fuels. The company refines crude oil and other feedstocks into products used in industrial, transportation, commercial and consumer applications.

Its specialty product portfolio includes base oils, lubricants, waxes, solvents, asphalt and other highly engineered hydrocarbon products. Calumet also produces fuels and renewable fuels, including renewable diesel and sustainable aviation fuel-related products through its renewable fuels operations.

Founded in 1916, the company serves customers across the United States and supplies products to a range of industries, including automotive, energy, manufacturing, infrastructure and aviation.

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