Calumet Reports Profit in First Quarter Results
INDIANAPOLIS - Indianapolis-based Calumet Specialty Products Partners LP (Nasdaq: CLMT) is reporting first quarter net income of $16.4 million, compared to a net loss of $4.8 million during the same period the previous year. Chief Executive Officer Tim Go says the results are the best for the company's core specialty business in three years.
Go says the success stems from a new strategic plan.
"Our core business profitability continues to grow, our operational execution is improving, and our operating cash flows and liquidity are strengthening. The Partnership's improved first quarter results reflect the benefits of the new strategic plans implemented across our core Specialty business last year which, in turn, are helping drive the meaningful sequential and year-over-year improvements to both our Gross Profit and Adjusted EBITDA. During the quarter, our Fuels business also made positive contributions to our consolidated results despite weaker market conditions. In addition, our Self-Help Phase II program captured over $13 million in Adjusted EBITDA. These self-help gains were achieved by the new general managers of our business lines leveraging data driven insights from our new enterprise resource planning system, which is allowing us to better identify opportunities to lower costs, improve margins and identify potential growth opportunities."
You can view the full earnings report by clicking here.
Calumet is an independent producer of specialty hydrocarbon products. The company also produces fuel products including gasoline, diesel and jet fuel.