Calumet Profits Rebound in Q4

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Calumet Specialty Products Partners posted $18.1 million in net income for 2018’s fourth quarter, much improved from an $83.6 million net loss in the year-earlier period. For the full year, the company’s net loss reached $55.1 million, improving from a $103.8 million net loss for 2017.

Indianapolis-based Calumet’s fourth-quarter sales dropped 4 percent to $848 million, down from $883 million. For the full year, sales reached almost $3.5 billion, down 7 percent from $3.8 billion in sales for 2017.

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For the fourth quarter, specialty products sale volumes fell to 22,022 b/d, down from 24,089 b/d a year earlier. Lubricating oils slid from 13,155 to 12,202 in the fourth quarter, and synthetic specialty products tumbled from 1,720 b/d to 1,581 b/d in the fourth quarter.

“Our strong fourth quarter results were driven by gains across both our specialty products and fuel products segments, despite the seasonally weaker demand that is more typical for both businesses at the end of the year,” Calumet CEO Tim Go said in the company’s earnings news release.

“As the year progressed, Calumet delivered improved execution and focus, as we implemented the strategic growth plans developed by our business teams earlier in the year. These plans were particularly impactful in our specialty products segment during the fourth quarter, as the segment benefited from improved utilization and enhanced performance in several key product categories,” Go continued.

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