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04.08.2017 13:05
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Calumet Specialty Products Partners, L.P. Reports Second Quarter 2017 Results
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PR Newswire
INDIANAPOLIS, Aug. 4, 2017
INDIANAPOLIS, Aug. 4, 2017 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the "Partnership," "Calumet," "we," "our" or "us"), a leading independent producer of specialty hydrocarbon and fuels products, today reported results for the second quarter ended June 30, 2017, as follows:
| | Three Months Ended June 30, | | Six Months Ended June 30, | ||||||||||||
| | 2017 | | 2016 | | 2017 | | 2016 | ||||||||
| | (Dollars in millions, except per unit data) | ||||||||||||||
| Net income (loss) | $ | 9.6 | | | $ | (147.9) | | | $ | 3.4 | | | $ | (215.6) | |
| Limited partners' interest basic and diluted net income | $ | 0.12 | | | $ | (1.89) | | | $ | 0.04 | | | $ | (2.76) | |
| Adjusted EBITDA | $ | 101.6 | | | $ | 70.0 | | | $ | 180.3 | | | $ | 76.6 | |
The Partnership's $9.6 million net income and Adjusted EBITDA of $101.6 million for the second quarter 2017 included, but is not limited to, the impact of a favorable lower of cost or market ("LCM") inventory adjustment of $4.0 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 income (loss) to EBITDA, Adjusted EBITDA and Distributable Cash Flow."
Management Commentary
"Our strong second quarter performance reflects hard work and successful execution against our strategic goals as we continue to improve upon our operating efficiencies and self-help initiatives," said Tim Go, Chief Executive Officer of Calumet. "Through the first half of 2017, we have seen significant year-over-year improvements in margin and Adjusted EBITDA contribution from all of our business segments. Our core specialty products segment delivered another strong quarter of margin growth and Adjusted EBITDA. Our oilfield services segment returned to profitability for the first time since 2014, and our fuels segment had increased year-over-year margins despite a turnaround at the Superior refinery during the second quarter. The Partnership's performance this quarter resulted in net income of $9.6 million and Adjusted EBITDA of $101.6 million, an improvement of 45% year-over-year. We remain focused on our efforts to increase operating efficiencies, grow our sales volumes and deliver new and innovating products to the marketplace, all of which will support our efforts to drive even greater value over the long-term for Calumet's unitholders."
Go continued, "This quarter also marked the launch of three new product lines: CALPAR™ 4GIII, CALTRAN™ 60-00 Group U, and our No-Tox® Ultra F Oil from Bel-Ray®. We are seeing strong market interest for these new products and have started to ramp up production and our sales and marketing platforms for each. All three of these products were developed by our in-house R&D group and are a true testament to the bright and innovative members of the Calumet team."
Go concluded, "I'm extremely proud of all of our employees for their contributions to our strong performance this quarter. We are particularly encouraged by the growth in our specialty products and oilfield services segments, as well as the continued contribution from our self-help initiatives. Our improvements in the second quarter will act as a stepping stone upon which we will continue to create value for our customers and unitholders as we transition into the second half of 2017."
Specialty Products Segment | Results Summary
| | Three Months Ended June 30, | ||||||
| | 2017 | | 2016 | ||||
| | (Dollars in millions, except per barrel data) | ||||||
| Specialty products segment gross profit | $ | 103.0 | | | $ | 98.5 | |
| Specialty products segment Adjusted EBITDA | $ | 67.1 | | | $ | 59.0 | |
| Specialty products segment gross profit per barrel | $ | 41.87 | | | $ | 35.69 | |
Specialty products' gross profit per barrel increased sequentially to $41.87 this period from $31.85 in the first quarter of 2017, and compared to $35.69 in the second quarter of 2016, due to stronger margins from self-help initiatives and tighter industry supply. Specialty products Adjusted EBITDA of $67.1 million for the second quarter 2017, increased by 47.1% sequentially from $45.6 million in the first quarter of 2017, and by 13.7% year-over-year compared to $59.0 million in the second quarter of 2016. Adjusted EBITDA of $67.1 million was the highest the segment has produced in four years and was partially offset by lower sales volume and an unfavorable LCM inventory adjustment of $0.4 million.
Fuel Products Segment | Results Summary
| | Three Months Ended June 30, | ||||||
| | 2017 | | 2016 | ||||
| | (Dollars in millions, except per barrel data) | ||||||
| Fuel products segment gross profit | $ | 40.7 | | | $ | 32.0 | |
| Fuel products segment Adjusted EBITDA | $ | 34.0 | | | $ | 18.9 | |
| Fuel products segment gross profit per barrel (including hedging activities) | $ | 3.92 | | | $ | 2.84 | |
| Fuel products segment gross profit per barrel (excluding hedging activities) | $ | 3.92 | | | $ | 2.59 | |
Fuel products' gross profit and Adjusted EBITDA demonstrated marked improvement during the second quarter of 2017, as compared to the year-ago period, driven by a year-over-year increase in benchmark refined product margins and decreased Renewable Fuel Standard ("RFS") compliance costs. Specifically, the year-over-year performance improvements were driven in part by the 17% improvement in the benchmark Gulf Coast 2/1/1 crack spread and higher local price differentials versus the Gulf Coast realized on fuel products sold in our discrete market areas, despite lower sales volumes. During the second quarter 2017, total fuel products segment sales volumes decreased by nearly 8% compared to year-ago levels, which was primarily the result of the turnaround at the Superior refinery. Second quarter Adjusted EBITDA benefited from a $4.2 million favorable LCM inventory adjustment.
Oilfield Services Segment | Results Summary
| | Three Months Ended June 30, | ||||||
| | 2017 | | 2016 | ||||
| | (Dollars in millions) | ||||||
| Oilfield services segment gross profit | $ | 16.7 | | | $ | 0.8 Werbung Mehr Nachrichten zur Calumet Specialty Products Aktie kostenlos abonnieren
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