Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) is reporting a third quarter net loss of $23.6 million, compared to a loss of $33.4 million during the same period last year. The earnings report was delayed, which led to the company receiving a notice of non-compliance from Nasdaq last month.
Chief Executive Officer Tim Go says he is disappointed over the delay in filing the company’s quarterly results, but says the company expects to file its quarterly results without delays moving forward. Go says, despite the third quarter loss, the company made "significant strides" toward its long-term goals.
"Over the last four quarters we have made dramatic improvements to our balance sheet leverage," said Go. "We continue to remain vigilant in our efforts to maintain cost discipline and drive further operational efficiencies, as evidenced by the $44 million in profit contribution from our self-help program year to date. In November we closed the sale of our Superior, WI refinery, as well as the divestiture of Anchor Drilling Fluids USA, LLC for a total announced consideration of approximately $576 million. We expect that net of final closing cost adjustments and after transaction expenses we will actually realize approximately $600 million from these divestitures."
Calumet Specialty’s year-to-date net loss has narrowed significantly. The company is reporting a net loss of $20.2 million through the first nine months of 2017, compared to a loss of $249 million during the same period in 2016.
You can view the full third quarter earnings report by clicking here.