Indianapolis-based Calumet Specialty Products Partners L.P. (Nasdaq: CLMT) is reporting wider losses in both full-year and fourth-quarter results. The company registered a net loss of $149 million during the fiscal year, compared to a loss of $43.6 million the previous year.
Chief Executive Officer Steve Mawer says COVID-related demand weakness created challenges to its fuels business throughout the year.
Calumet is an independent producer of petroleum-based specialty products.
The company also reports a Q4 loss of $82.1 million, compared to a loss of $38.6 million during the same period a year ago.
“Despite this, the partnership took decisive actions and delivered a record-setting safety performance, a step-change in our cost structure, and a laser focus approach on satisfying our customers during a difficult time,” said Mawer.
Mawer says the company is encouraged by the across-the-board improvement in demand for all of our products as a result of the economic recovery.
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