Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) is reporting a first quarter net loss of $4.8 million, compared to a loss of $6.2 million during the same period last year. Chief Executive Officer Tim Go says the company remains "intently focused" on progressing its strategic priorities..
Calumet produces specialty hydrocarbon and fuels products. Go says the company delivered a solid quarter of results.
"Continued strength in our Branded Products division, coupled with solid execution against our self-help initiatives, have allowed Calumet to continue the positive momentum we established over the last six quarters," said Go. "Adjusting for divestitures from our portfolio, our first quarter results represent a significant improvement to the first quarter last year. Further, we were able to increase our gross profit per barrel in both our specialty and fuels segments, despite heavy turnaround and maintenance activity at a few of our facilities and the continued upward trajectory of crude prices."
Go says the company will continue to focus on moving forward following last month’s acquisition of California-based startup Biosynthetic Technologies LLC. You can connect to the full earnings report by clicking here.