Calumet Reports Q4 Sales Beat Amid Challenges, Eyes C-Corp Transition For Broader Appeal



Calumet Specialty Products Partners LP (NASDAQ:CLMT) reported a fourth-quarter fiscal 2023 sales decline of 2.3% year-over-year to $976.50 million, beating the consensus of $926.13 million.

CLMT reported a net loss per unit of $(0.59), an improvement from $(0.95) YoY, missing the consensus of $(0.39).

The gross profit totaled $22.1 million (-38.3% Y/Y), and the margin contracted 130 bps to 2.3%.

The operating loss for the quarter contracted to $(13.9) million from $(28.4) million a year ago.

Adjusted EBITDA was $39.7 million compared to $63.9 million a year ago, margin contracted to 4.1% from 6.4% a year ago.

The company plans to convert its …

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