Calumet Swings to Loss During First Quarter
Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) is reporting a first quarter net loss of $14.4 million, compared to net income of $16.4 million during the same period last year. Chief Executive Officer Steve Mawer says slowing demand toward the end of the quarter contributed to the results.
Mawer says, despite the drop, the partnership delivered “another solid quarter.”
“Our core specialty business delivered strong profitability in the quarter, driven by the Partnership’s commercial excellence initiatives that have led the improvement in our sales mix and maintaining our margins in a falling crude price environment,” Mawer said in a news release. “Our fuels segment performed well, with solid results supported by improved operational performance and record utilization at the Great Falls refinery. These structural improvements to both the commercial and operational aspects of our business drove the Partnership’s healthy earnings.”
Mawer says many of the company’s employees are working remotely during the COVID-19 pandemic and the company is planning for “a range of scenarios” in which employees could return to work.
“While federal guidelines and state orders have deemed our businesses as essential, the economic impacts of the virus are starting to be evident in a number of our end-markets. To date, our business operations have continued with limited interruption to our supply chain, and we will work to service the needs of our customers through this period of uncertainty.”
You can view the full earnings report by clicking here.