HollyFrontier Corp.’s lubricants and specialty products segment reported a decline in income from operations for its fourth quarter ending Dec. 31 and the full year, and Milacron Holding Corp.’s Fluid Technologies segment posted higher operating earnings and sales for the fourth quarter and the year.
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HollyFrontier’s lubricants and specialty products segment posted a $17.1 million loss from operations for the fourth quarter, down from $29.2 million income from operations in 2017s fourth quarter. For full-year 2018, the segments income from operations fell to $76.3 million, down 46 percent from $141.2 million.
The Dallas, Texas-based company posted a nearly 2 percent increase in revenue from external customers to $423 million for its fourth quarter ended Dec. 31. For the full year, the segments revenue from external customers jumped to $1.8 billion from $1.6 billion during the year-earlier period.
The lubricants and specialty products segment includes products from Petro-Canada Lubricants’ Mississauga, Ontario, refinery – which includes base oils, white oils, specialty products and finished lubricants – along with specialty lubricants from HollyFrontier’s Tulsa refineries. Additionally, the segment includes products from Red Giant Oil Co., one of the largest suppliers of locomotive engine oils in North America, according to the company.
In early November, HollyFrontier announced it would be acquiring specialty hydrocarbon chemicals maker Sonneborn. On February 1, 2019, we closed on our previously announced acquisition of Sonneborn. “With the addition of Sonneborn, we continue to focus on advancing our downward integration strategy into the high-margin finished lubricants and specialty products market,” George Damiris, president and CEO of HollyFrontier, said in the company’s earnings news release.
Milacron’s Fluid Technologies segment posted an operating earnings of $6.1 million for its fourth quarter, an over 3 percent increase from the same period in 2017.
For the full year the segment – which supplies metalworking and industrial fluids – reported an almost 19 percent jump in operating earnings to $24.6 million.
The Cincinnati-based company’s sales crept up during its fourth quarter to $31.1 million from $31 million year on year. For the full year, sales grew to $129.3 million, up almost 7 percent from $121.2 million.