Calumet, Inc. (CLMT), a manufacturer of lubricating oils, solvents, waxes, and others, said on Tuesday that it expects a net loss for the fourth quarter.
Based on its preliminary data, Calumet projects its fourth-quarter net loss to be in the range of $54 million to $24 million. Excluding items, fourth-quarter EBITDA is anticipated to be $45 million to $60 million.
The company noted that the net loss and adjusted EBITDA were positively impacted by around $20 million of insurance proceeds from business interruption claims related to its previously reported steam drum crack in the Montana Renewables business.
Todd Borgmann, CEO of Calumet, said: "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."
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