Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) is reporting a first quarter net loss of $6.2 million, compared to a net loss of $67.7 million during the same period the previous year. Chief Executive Officer Tim Go says the company continues to turn the corner on its transformation.
The first quarter earnings follow the company’s full-year report, which showed a net loss of $328.6 million. Go says the results show the company’s ongoing efforts to eliminate waste, reduce costs and capture increased margins are beginning to positively impact Calumet Specialty’s financial performance.
"This was evident by our decreased net loss, solid improvement in Adjusted EBITDA and improved sequential gross margins in both the specialty and fuels businesses," said Go. "We remain focused on further reducing the costs of doing business, while simultaneously growing our sales volumes and creating innovative new products, all of which should help us drive greater profitability in the future."
Go says he believes the company’s efforts to improve its financial performance will continue and "position the company towards sustainable growth in the coming quarters."
You can connect to the full first quarter earnings report by clicking here.