Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) Chief Executive Officer Tim Go says the company has "successfully turned the corner." In its annual earnings report, the hydrocarbon processor says it cut its fiscal full-year net loss to $85.1 million in 2017 from a $328.6 million loss the previous year. He says quarterly results have improved on a year-over-year basis for five consecutive quarters.
Calumet is reporting a fourth fiscal quarter loss of $64.9 million, compared to a loss of $79.6 million during the same quarter a year earlier. The company had been working to improve its overall financial standing, and in November, received a noncompliance notice from the Nasdaq exchange for not filing a quarterly earnings report on time. The company said the delay was caused by implementation of an enterprise resource plan.
Go called 2017 a "very important year" strategically for the company. Two important milestones took place within days of each other in November:
- Calumet completed the $492 million sale of its Superior Refinery in Wisconsin
- The partnership announced the approximately $84 million sale of Oklahoma-based subsidiary Anchor Drilling Fluids USA LLC
Go says "as we look forward, we need to carry the momentum we have generated into 2018 and beyond. We remain committed to driving further self-help across our portfolio and have set a 2018 target to realize an additional $40 to $50 million in Adjusted EBITDA. This will be driven by new product growth, margin enhancements and cost savings, some of which we have identified through our newly implemented ERP system. All of these initiatives will be key to our efforts to further reduce balance sheet leverage and enhance our profitability as we work to transform the business and execute our vision to become the premier specialty petroleum products company in the world."
You can connect to more about the fiscal 2017 results by clicking here.