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Donnerstag, 08.03.2018 13:05 von PR Newswire | Aufrufe: 59

Calumet Specialty Products Partners, L.P. Reports Fourth Quarter and Year End 2017 Results

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PR Newswire

INDIANAPOLIS, March 8, 2018

INDIANAPOLIS, March 8, 2018 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), a leading independent producer of petroleum-based specialty products, today reported results for the quarter and year ended December 31, 2017, as follows:

Three Months Ended December 31,

Year Ended December 31,

2017

2016

2017

2016

ARIVA.DE Börsen-Geflüster

Kurse

Calumet Specialty Products

16,20 $

0,00%

(Dollars in millions, except per unit data)

Net loss

(64.9)

(79.6)

(85.1)

(328.6)

Limited partners' interest basic and diluted net loss per unit

(0.82)

(1.01)

(1.07)

(4.18)

Adjusted EBITDA

60.1

27.7

336.1

158.2

The Partnership's $64.9 million Net loss for the fourth quarter 2017 included the impact of: (1) a $172.2 million net gain on sale from the divestitures of both the Superior, Wisconsin refinery ("Superior Refinery") and Anchor Drilling Fluids USA, LLC; and (2) $205.7 million non-cash impairment charges primarily related to the revaluation of the Partnership's property, plant and equipment at several facilities. Without these adjustments Net loss for the fourth quarter 2017 would have been $31.4 million or $(0.39) per unit.

The Partnership's $60.1 million Adjusted EBITDA for the fourth quarter 2017 included: (1) an $8.7 million favorable net impact related to lower of cost or market ("LCM") inventory adjustments and last-in, first-out ("LIFO") inventory layers; and (2) a $12.7 million net expense related to enterprise resource planning ("ERP") system expenses and realized hedging losses. Without these impacts, Adjusted EBITDA for the fourth quarter 2017 would have been $64.1 million.

For detailed information on Adjusted EBITDA and a reconciliation of Adjusted EBITDA to the nearest comparable GAAP measure for the periods presented above, please see the sections of this release entitled "Non-GAAP Financial Measures" and "Reconciliation of Net Loss To EBITDA, Adjusted EBITDA and Distributable Cash Flow."

Management Commentary

"I am pleased to report that we have successfully turned the corner. We have delivered five consecutive quarters of improved earnings results on a year-over-year basis. We called our high-interest senior secured notes today. We extended our corporate revolver to a new five-year term, which is a great sign that our lenders have recognized the positive steps we have taken to improve the Partnership's operational and financial performance," said Tim Go, Chief Executive Officer of Calumet. "At this time last year, I stated that 2017 was going to be our year to execute. Our management team and all of our employees have delivered on that promise. Our self-help program continued to structurally improve our base business and exceed the run-rate of our initial projections, and we made significant strides towards our long-term strategic goals. Our liquidity continued to strengthen, and our leverage has declined significantly from roughly 13 times Adjusted EBITDA last year to under five times today. We also continued to expand our high-value specialty products business through new product innovation, production capacity expansions, and by growing our branded products business."

Go continued, "On the strategic front, 2017 was a very important year for Calumet, as we completed the divestitures of two significant non-core assets during the period: our Superior Refinery and our oilfield services business. These transactions will reduce volatility in our business and allow Calumet to focus on our core specialties business. Further, the proceeds from these transactions will allow us to retire our high-yield senior secured notes, with an expected closing date of April 9th."

Go concluded, "As we look forward, we need to carry the momentum we have generated into 2018 and beyond. We remain committed to driving further self-help across our portfolio and have set a 2018 target to realize an additional $40 to $50 million in Adjusted EBITDA. This will be driven by new product growth, margin enhancements and cost savings, some of which we have identified through our newly implemented ERP system. All of these initiatives will be key to our efforts to further reduce balance sheet leverage and enhance our profitability as we work to transform the business and execute our vision to become the premier specialty petroleum products company in the world."

Specialty Products Segment | Results Summary

	Three Months Ended December 31,						Year Ended December 31,
	2017			2016			2017			2016
	(Dollars in millions, except per barrel data)
Specialty products segment gross profit	$	70.6		$	59.3		$	325.6		$	338.1
Specialty products segment Adjusted EBITDA	$	38.6		$	28.0		$	194.3		$	188.9
Specialty products segment gross profit per barrel	$	33.07		$	25.30		$	34.61		$	34.57
Specialty products segment Adjusted EBITDA Margin	12.3		%	9.2		%	14.9		%	15.1		%

During the fourth quarter 2017, total specialty products segment gross profit increased 19.1% compared to the year-ago period, driven by healthier market conditions, offset somewhat by rising crude feedstock costs. Adjusted EBITDA for the fourth quarter 2017 was $38.6 million, which was a 37.9% improvement compared to the year-ago period. Specialty products segment gross profit per barrel in the period was $33.07, which grew 30.7% compared to last year's comparable quarter despite a nearly nine dollars per barrel increase in the cost of West Texas Intermediate ("WTI") during the fourth quarter. The segment's Adjusted EBITDA Margin for the fourth quarter was 12.3% versus 9.2% for the prior year comparable period. The segment also benefited from a $2.5 million favorable LCM inventory adjustment, which was partially offset by a $3.0 million LIFO inventory liquidation loss.

During fiscal year 2017, total specialty products sales volumes decreased 3.8% year-over-year, driven primarily by supply-chain disruptions that took place in the third quarter. However, annual segment Adjusted EBITDA increased due to stronger market conditions, record volume and profit performance in the higher-margin branded products division, and record production at the Cotton Valley refinery, which produces specialty solvents. These were partially offset by consistently rising feedstock costs throughout the fiscal year as WTI ended fiscal 2017 up 12.5%. Specialty products segment gross profit per barrel during fiscal year 2017 of $34.61 was up slightly compared to 2016 gross profit per barrel of $34.57, despite the increase in the price of crude. On an annual basis, the specialty products segment's Adjusted EBITDA Margin remained steady at approximately 15.0%. Specialty products segment performance for 2017 was also impacted by a $10.9 million favorable LCM inventory adjustment and a $3.9 million LIFO inventory liquidation loss.

Fuel Products Segment | Results Summary

Three Months Ended December 31,

Year Ended December 31,

2017

2016

2017

2016

(Dollars in millions, except per barrel data)

Fuel products segment gross profit

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