Calumet Posts Losses, Cosan’s Results Improve

Calumet Specialty Products Partners, L.P. posted a significant net loss and decline in sales, while Cosans Moove lubricants segment saw increases in net revenue and net income.

Calumet

Calumet reported a net loss of $16.5 million for the third quarter ended Sept. 30, up 43 percent from de $23.6 million posted in the same period last year. Sales for the Indianapolis-based company dropped 7.6 percent, from approximately $1 billion in the same period in 2017 to $953.5 million.

Specialty products sales volume totaled 25,708 barrels per day, a 9.8 percent slide from 28,228 b/d last year. Lubricating oils accounted for 11,716 b/d of that total, down 21.3 percent from 14,220 b/d, and packaged and synthetic specialty products hit 2,052 b/d, up 2.5 percent from 1,999 b/d produced in 2017.

Planned downtime across our facilities resulted in lower volumes and profitability, as we completed the heaviest portion of our turnaround activity for 2018, said Tim Go, CEO of Calumet, in the companys earnings news release. In our specialty segment, we had roughly 40 days of downtime at our Princeton [Louisiana] facility, which significantly impacted our volumes. However, we were able to capture more profit per barrel through improved product mix than we did in the year-ago period.

Cosan

Cosans lubricant production and distribution segment Moove posted net revenue of approximately 1 billion Brazilian reals (U.S. $266.2 million) in the third quarter, an 89.3 percent leap from the 534.3 million Brazilian reals it earned last year. Revenue was boosted by expansion of international operations and improved mix of products sold, the company said in its earnings news release.

Net income for the segment hit 18.3 million Brazilian reals, up 59 percent from 7.5 million Brazilian reals in the year-earlier period.

The segments total sales volume - which includes lubricants and base oils - reached 82,300 metric tons compared to 84,000 in 2017, a 2 percent dip. The Sao Paulo-based company said growth in domestic and international markets from recent expansion was offset by a lower volume of base oils sold in the quarter.

Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to become a distributor of fuels and lubricants.