Specialty products refiner Calumet (NASDAQ: CLMT) will be announcing earnings results this Friday before market open. Here’s what investors should know.

Calumet beat analysts’ revenue expectations last quarter, reporting revenues of $1.45 billion, up 40.8% year on year. It was an incredible quarter for the company, with a beat of analysts’ EPS estimates and a solid beat of analysts’ EBITDA estimates.

Is Calumet a buy or sell going into earnings? Read our full analysis here, it’s free for active Edge members.

This quarter, the market is expecting Calumet’s revenue to grow 24.6% year on year, a reversal from the 2% decrease it recorded in the same quarter last year.

Analysts covering the company have generally reconfirmed their estimates over the last 30 days, suggesting they anticipate the business will stay the course heading into earnings. Calumet rarely misses Wall Street’s revenue estimates.

Looking at Calumet’s peers in the infrastructure segment, some have already reported their Q3 results, giving us a hint as to what we can expect. Expand Energy delivered year-on-year revenue growth of 11.6%, beating analysts’ expectations by 54.4%, and Kinder Morgan reported revenues up 9.3%, topping estimates by 20.4%. Expand Energy traded down 3.2% following the results while Kinder Morgan’s stock price was unchanged.

Read our full analysis of Expand Energy’s results here and Kinder Morgan’s results here.

In the last year or so, investors have shifted their focus from one macro dynamic to the next (AI disintermediation and AI investment to geopolitical conflict, interest rates, and the health of the wider economy). While some of the infrastructure stocks have shown solid performance in this choppy environment, the group has generally underperformed, with share prices down 7.6% on average over the last month. Calumet is down 22% during the same time and is heading into earnings with an average analyst price target of $55.80 (compared to the current share price of $43.82).

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