The lubricants market faces a “very gradual” recovery, regardless of the ultimate size of the dip in the economy or the economic modeling scenario, consultants from IHS Markit said during a virtual town hall meeting organized by the Independent Lubricant Manufacturers Association last week.
Moove – Cosan’s lubricants production and distribution arm – reported lower net income, revenue and sales volumes for the first quarter ending March 31.
Canada-based distributor Parkland Fuel Corp. posted a 26 percent increase in consolidated revenue for its lubricant segment for the quarter ending March 31, boosted by higher sales for its United States segment.
Calumet Specialty Products Partners L.P. reported a net loss, Valvoline posted a slight decrease in operating income, HollyFrontier’s lubricants and specialty products segment reported higher income from operations and Quaker Chemical posted a net loss, for the quarter ending March 31.
Clean Harbors’ Safety-Kleen segment and Heritage-Crystal Clean’s oil business segment both reported higher revenues for the first quarter, compared to 2019’s first quarter. Both companies noted that although the Covid-19 pandemic’s economic impacts were limited in the first quarter, impacts started to worsen at the quarter’s end.
Afton Chemical posted increases in both operating profit and sales for the quarter ending March 31, compared to a year earlier.
WD-40 posted net income of $14.3 million for the quarter ending Feb. 29, down 10 percent from the year-earlier period, with net sales down 1 percent at $100 million.
Canada-based distributor Parkland Fuel Corp. posted a 122 percent jump in consolidated revenue for its lubricant segment for full year 2019, thanks to acquisitions that helped it break into overseas markets.
WD-40 Co. reported net income of $12.2 million for the quarter ending Nov. 30, down 8.3 percent from $13.3 million in the same period a year earlier.
The Securities and Exchange Commission on Nov. 25 charged Calumet Specialty Products Partners L.P. with posting an inaccurate and misleading earnings release in 2017. Without admitting or denying the findings, Calumet consented to entry of the SECs order and agreed to pay a fine of $250,000 as part of a resolution to the investigation.