Calumet Sees Q3 Profits Soar Despite Shreveport And Montana Issues, Shares Rally
Portfolio Pulse from Akanksha Bakshi
Calumet Specialty Products Partners LP (NASDAQ:CLMT) reported a Q3 FY23 sales decline of 1.3% YoY to $1.15 billion, beating the consensus of $1.04 billion. Net income per unit was $1.26, surpassing the consensus of 26 cents. Adjusted EBITDA was $75.5 million, down from $127 million a year ago. The company faced operational issues in Shreveport and Montana, which cost over $50 million of lost profit opportunity. Despite this, CLMT shares are trading higher by 18.15% at $15.36 premarket on Thursday.
November 09, 2023 | 3:42 pm
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Calumet Specialty Products Partners LP reported a Q3 FY23 sales decline but beat consensus estimates. Operational issues cost over $50 million in lost profits, but shares are trading higher.
Despite a sales decline and operational issues that resulted in significant lost profits, Calumet's shares are trading higher. This suggests that investors are focusing on the company's ability to beat consensus estimates rather than the operational issues and their financial impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100