Overview

* Calumet Q3 net income rises to $313.4 mln, showing significant improvement from last year

* Adjusted EBITDA for Q3 at $69.6 mln, reflecting cost reduction initiatives

* Company restates financials due to cash flow misclassification, no impact on net income

Outlook

* Montana Renewables aims for 120-150 mln gallons of SAF by Q2 2026

* SAF marketing program progressing ahead of schedule

* MaxSAF™ 150 expansion to increase SAF production by Q2 2026

Result Drivers

* COST REDUCTIONS - Company-wide initiatives led to $61 mln in operating cost savings year-over-year

* SPECIALTY PRODUCTS & SOLUTIONS - Record production and strong margins in this segment supported results

* SAF PROGRESS - Montana Renewables' SAF placement ahead of plan with 100 mln gallons committed or in contracting

Key Details

Metric Beat/Mis Actual Consensu

s s

Estimate

Q3 Net $313.40

Income mln

Q3 $69.60

Adjusted mln

EBITDA

Analyst Coverage

* The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 3 "strong buy" or "buy", 3 "hold" and no "sell" or "strong sell"

* The average consensus recommendation for the oil & gas refining and marketing peer group is "buy"

* Wall Street's median 12-month price target for Calumet Inc ( CLMT ) is $17.50, about 11.5% below its November 6 closing price of $19.51

Press Release:

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(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)