Calumet Q4 Loss Narrows, But Revenue Down; To Sell Royal Purple Industrial Business

(RTTNews) - Calumet, Inc. (CLMT) Friday reported net loss of $40.7 million or $0.47 per share for the fourth quarter, lower than $48 million or $0.59 per share loss in the same quarter a year ago, primarily helped by lower expenses.

Sales for the quarter, however, declined to $949.5 million from $976.5 million in the previous year.

On average, 3 analysts expected the company to report a loss of $0.37 per share on revenue of $921.76 million for the quarter. Analysts' estimates typically exclude special items.

Additionally, the company has agreed to sell assets related to the industrial portion of its Royal Purple business, for $110 million to a unit of Lubrication Engineers, Inc., a portfolio company of Aurora Capital Partners. Calumet will retain the consumer portion of the Royal Purple business and the Royal Purple production facility in Porter, TX.

The company intends to use the proceeds from the transaction, which is expected to close in the first half of 2025, to mainly pay down debts.