Calumet Specialty Products Partners LP (CLMT) stock plummeted 5.07% in Friday's pre-market trading following the release of its fourth-quarter and fiscal year 2024 results.

The specialty products and renewable fuels company reported a net loss of $40.7 million, or $0.47 per diluted unit, for the quarter ended December 31, 2024. While narrower than the $48.0 million loss in the same quarter last year, the results missed analysts' expectations.

Revenue for the quarter declined 2.8% year-over-year to $949.5 million, though it beat estimates of $921.76 million. Calumet attributed the revenue decline to negative crack spreads in its fuels business, partially offset by strong production levels in its Specialty Products and Solutions segment.

In a separate announcement, Calumet revealed plans to sell assets related to the industrial portion of its Royal Purple business to a subsidiary of Lubrication Engineers, Inc. for $110 million. The company will retain the consumer part of the Royal Purple business and the manufacturing facility in Porter, Texas.

Calumet stated that it expects to use the proceeds from the sale primarily for debt payment, indicating a focus on deleveraging its balance sheet. The transaction is expected to close in the first half of 2025, subject to customary closing conditions.