Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) is reporting a third quarter net loss of $16.5 million, compared to a loss of $23.6 million during the same period last year. Chief Executive Officer Tim Go says the company plans to continue its multi-year "self-help" program in an effort to improve profitability.
Calumet Specialty produces various types of hydrocarbon products, including synthetic lubricants, asphalt, and fuels, among others. Go says planned downtime at its facilities resulted in lower volumes and profitability during the quarter, however the company completed the heaviest portion of its turnaround activity for 2018.
"In our Specialty segment, we had roughly 40 days of downtime at our Princeton facility, which significantly impacted our volumes," said Go. "However, we were able to capture more profit per barrel through improved product mix than we did in the year-ago period, despite facing the continued headwinds from higher crude prices and supply-driven weakness in the paraffinic base oil market. Our fuels business continued to perform well as its contributions to our consolidated results reflects the benefit of our cost-advantaged feedstock and the investments we have made to upgrade our fuel products."
Go says the company remains committed to delivering on its strategic priorities. Calumet Specialty plans to launch Phase II of its self-help program, which will start in 2019.
You can connect to the full third quarter earnings report by clicking here.