Why Calumet Specialty Products (CLMT) Shares Are Jumping Today - Calumet (NASDAQ:CLMT)

Calumet Specialty Products Partners LP CLMT reported Q1 2023 net income per unit of $0.35, significantly exceeding the consensus of $0.07.
Sales of $1.04 billion beat the consensus expectation of $927.4 million.
Adjusted EBITDA of $77.7 million more than doubled from $23.3 million a year ago.
Specialty Products and Solutions' adjusted EBITDA increased to $76.4 million from $28.1 million a year ago, led by considerably higher Specialty and Fuels margins.
Performance Brands' adjusted EBITDA rose to $16.4 million from $5.3 million in the prior year on higher pricing and previous periods' insurance proceeds of $5.0 million.
Montana/Renewables' adjusted EBITDA declined to $4.8 million from $9.0 million a year ago.
Cash and equivalents stood at $11.2 million in Q1. Net cash used in operating activities came in at $(26.7) million in Q1 2023 versus $(2.9) million in the prior year.
"Financially and strategically, this was an extremely successful quarter for Calumet," said Todd Borgmann, CEO. "Montana Renewables reached full operations in April. With our renewable hydrogen plant, pretreatment unit, and SAF units fully operating, we shift our focus to delivering industry-leading cash flow and further developing our Max SAF growth project on the path to a potential IPO of this pure-play renewable business."
Price Action: CLMT shares are trading higher by 10.98% at $17.79 on the last check Friday.

Why Calumet Specialty Products Shares Are Jumping Today