Despite Net Loss, CEO Says Calumet 'Turned The Corner'

Posted: Updated:
(Image courtesy of Calumet Specialty Partners.) (Image courtesy of Calumet Specialty Partners.)
INDIANAPOLIS -

Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) Chief Executive Officer Tim Go says the company has "successfully turned the corner." In its annual earnings report, the hydrocarbon processor says it cut its fiscal full-year net loss to $85.1 million in 2017 from a $328.6 million loss the previous year. He says quarterly results have improved on a year-over-year basis for five consecutive quarters.

Calumet is reporting a fourth fiscal quarter loss of $64.9 million, compared to a loss of $79.6 million during the same quarter a year earlier. The company had been working to improve its overall financial standing, and in November, received a noncompliance notice from the Nasdaq exchange for not filing a quarterly earnings report on time. The company said the delay was caused by implementation of an enterprise resource plan.

Go called 2017 a "very important year" strategically for the company. Two important milestones took place within days of each other in November:

Go says "as we look forward, we need to carry the momentum we have generated into 2018 and beyond. We remain committed to driving further self-help across our portfolio and have set a 2018 target to realize an additional $40 to $50 million in Adjusted EBITDA. This will be driven by new product growth, margin enhancements and cost savings, some of which we have identified through our newly implemented ERP system. All of these initiatives will be key to our efforts to further reduce balance sheet leverage and enhance our profitability as we work to transform the business and execute our vision to become the premier specialty petroleum products company in the world."

You can connect to more about the fiscal 2017 results by clicking here.

  • Perspectives

    • (photo courtesy of Conexus)

      October Celebrates Indiana’s Vibrant Manufacturing Industry

      Indiana is the most manufacturing intensive state in the country and more than a third of the state’s GDP comes from the industry. The health and wellness of Indiana’s economy is dependent on the state’s manufacturing industry. But Hoosiers face a challenge: it is expected that nearly a quarter of the current manufacturing workforce will be of retirement age in the next 10 years and we lack the generational workforce to make up that gap.

    More

Subscribe

Name:
Company Name:
Email:
Confirm Email:
HTML
INside Edge
Morning Briefing
BigWigs & New Gigs
Life Sciences Indiana
Indiana Connections
INPower
Subscribe
Unsubscribe

Events



  • Most Popular Stories

    • Regal Beloit is closing in Valparaiso. (photo courtesy; The Times of Northwest Indiana)

      Valpo Bearings Plant to Close, Eliminating 160+ Jobs

      Wisconsin-based Regal Beloit Corp. and the union representing workers have reached an agreement about the closing of a helicopter bearing factory in Valparaiso. According to our partners at The Times of Northwest Indiana, the decision will cost between 160 to 170 workers their jobs. 

    • (image courtesy of The Times of Northwest Indiana)

      U.S. Steel Updates Layoff Notice to State

      Pittsburgh-based U.S. Steel Corp. (NYSE: X) has updated the State of Indiana regarding its previously announced layoffs at the East Chicago Tin Mill. The company says 314, rather than 307, workers will be displaced when the mill is idled this fall. 

    • The Columbian Home Products plant was built in Terre Haute in 1902.

      Kitchenware Maker to Close in Terre Haute

      Illinois-based Columbian Home Products LLC has sent a letter to the State of Indiana saying it intends to close its plant in Terre Haute and lay off 82 workers. According to the WARN letter sent to the Indiana Department of Workforce Development, the layoffs will begin on December 1. 

    • The Lawn at White River State Park currently hosts concerts, but is not a permanent venue. (photo courtesy White River State Park)

      White River Park to Break Ground on Permanent Venue

      White River State Park in Indianapolis will Wednesday host a ground-breaking ceremony for a permanent concert venue on its concert lawn. The project, announced early last year, will include a permanent st...

    • Ingram Micro has more than 170 facilities throughout the world.

      Ingram Micro to Make Announcement

      Officials in Plainfield are set to make another economic development announcement Wednesday morning. Few details are available, however the Indiana Economic Development Corp. says executives from California-based Ingram Micro will take part in the announcement.