Indianapolis-based Calumet Specialty Products Partners L.P. (Nasdaq: CLMT) is reporting a third quarter net loss of $56.1 million, compared to a loss of $4.6 million during the same period last year. Chief Executive Officer Steve Mawer says market environment remains a challenge for its fuels business, but he is “cautiously encouraged by the recent signs of recovering demand and falling product inventories.”
The company says it is seeing growth in consumer-facing specialties and its finished lubricants delivered strong gross profit and margin results.
“The resilience and diversity of our core Specialty business was again demonstrated with this segment generating both profit and margin growth year-over-year, as Gross profit and Adjusted gross profit per barrel improved 7.2% and 13.3%, respectively versus last year’s third quarter,” said Mawer. “The increase in industrial specialty volumes did result in some quarter-over-quarter mix impact on segment margins; but overall specialty margins and profit levels remain well ahead of last year, and at or above our expectations. We believe this is a notable and impressive result given the macro backdrop.”
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