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

Calumet (NASDAQ:CLMT) announced its quarterly earnings data on Friday. The oil and gas company reported $2.91 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.63 by $1.28, FiscalAI reports. The business had revenue of $1.68 billion during the quarter, compared to analyst estimates of $1.34 billion. During the same period in the prior year, the firm earned $3.61 earnings per share. The firm’s revenue for the quarter was up 56.1% compared to the same quarter last year.

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 Stock Down 8.6%

NASDAQ:CLMT traded down $3.71 on Friday, hitting $39.64. The stock had a trading volume of 3,084,442 shares, compared to its average volume of 1,411,109. Calumet has a 52 week low of $17.85 and a 52 week high of $59.87. The business’s fifty day moving average is $53.42 and its 200 day moving average is $38.99. The company has a market cap of $3.48 billion, a PE ratio of -25.57, a P/E/G ratio of 0.75 and a beta of 0.65.

Analysts Set New Price Targets

A number of brokerages have weighed in on CLMT. The Goldman Sachs Group reiterated a “neutral” rating and issued a $57.00 target price on shares of Calumet in a report on Wednesday, October 21st. TD Cowen increased their price target on Calumet from $34.00 to $40.00 and gave the stock a “hold” rating in a report on Wednesday, August 12th. HC Wainwright raised their price objective on shares of Calumet from $60.00 to $75.00 and gave the stock a “buy” rating in a research report on Wednesday, September 2nd. Zacks Research downgraded shares of Calumet from a “strong-buy” rating to a “hold” rating in a research report on Tuesday. Finally, Weiss Ratings reiterated a “sell (d-)” rating on shares of Calumet in a research note on Wednesday. Two equities research analysts have rated the stock with a Buy rating, four have given a Hold rating and one has assigned a Sell rating to the company’s stock. Based on data from MarketBeat, the stock has an average 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

About Calumet

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.