Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) is reporting a third quarter net loss of $33.4 million, compared to a loss of $48.9 million during the same period last year. Chief Executive Officer Tim Go says, despite the loss, continued "solid progress" led to positive cash flow from operations during the quarter.
"Our integrated business teams have been diligent and continue to identify creative ways for the Partnership to drive costs out of the business, improve our margin capture and transform the organization for long-term success," said Go. "We remain truly excited at the cultural shift that is taking hold within the organization and I want to thank all of our employees for their contribution to our transformation."
Go says the company expects to see "typical seasonality" across all segments. He says price increases in the specialty projects segments have held firm, which should help offset recent increases in crude oil pricing.
"Within our fuel products area, we anticipate that normal winter patterns will likely pressure refining economics during the period. We also expect to see our oilfield services segment continue to leverage its solid position in the Permian basin and continue its healing process. Lastly, our operational excellence teams will remain diligent in their pursuit of new ways to optimize our platform as they have recently turned their focus to driving improvements in our transportation and procurement functions across the organization."
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