Calumet Swings to Quarterly Profit

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Calumet Specialty Products Partners is headquartered in Indianapolis. Calumet Specialty Products Partners is headquartered in Indianapolis.
INDIANAPOLIS -

Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) is reporting fourth quarter net income of $18.1 million, compared to a net loss of $83.6 million during the same period the previous year. Chief Executive Officer Tim Go says the results were driven by gains in the company's specialty products and fuel products divisions, despite seasonally-weaker demand.

Go says the company delivered improved execution and focus as the company implements its strategic growth plans.

"These plans were particularly impactful in our Specialty Products segment during the fourth quarter, as the segment benefited from improved utilization and enhanced performance in several key product categories," Go said in a news release. "Additionally, the Fuel Products segment benefited from strong execution as it processed record volumes of discounted heavy Canadian crudes and had record diesel sales at our Great Falls refinery."

For the full year of 2018, Calumet is reporting a net loss of $55.1 million, compared to a net loss of $103.8 million in 2017. You can view the full earnings report by clicking here.

Calumet is an independent producer of specialty hydrocarbon products. According to its website, the company processes crude oil and other feedstocks into customized lubricating oils, solvents and waxes used in consumer, industrial and automotive products. It also produces fuel products including gasoline, diesel and jet fuel.

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