Business
Calumet Specialty Products Partners, L.P. Reports First Quarter 2021 Results
- Net loss of $146.1 million, or $(1.82) per unit for the first quarter 2021 - Specialty Products & Solutions - Winter Storm Uri and a planned turnaround at
About this update from Calumet, Inc
[{"type":"text","content":"- Net loss of $146.1 million, or $(1.82) per unit for the first quarter 2021\n - Specialty Products & Solutions - Winter Storm Uri and a planned turnaround at Shreveport resulted in lower volumes and increased one-time operating costs\n - Montana / Renewables - expecting a mid-2022 startup, third party equity partner discussions ongoing\n - Performance Brands - continued growth across all brands drives solid financial performance\n\n\nINDIANAPOLIS, May 7, 2021 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the \"Partnership,\" \"Calumet,\" \"we,\" \"our\" or \"us\"), today reported results for the first quarter ended March 31, 2021, as follows:\nThree Months Ended March 31,\n2021\n2020\n(Dollars in millions, except per unit data)\nNet loss\n$\n(146.1)\n$\n(14.4)\nNet loss per unit\n$\n(1.82)\n$\n(0.18)\nAdjusted EBITDA\n$\n(5.4)\n$\n91.8\n\"Our first quarter results reflect lower plant production volumes due to severe winter storms in the Gulf Coast region as well as scheduled maintenance at Shreveport. Our full plant turnaround was on track for successful completion as Uri visited North West Louisiana, presenting the challenge of a hard freeze on an entirely idled plant. Our team worked tirelessly to repair the damage and bring the plant back up safely. Demand for our products remains extremely robust and our margin performance reflected that,\" said CEO Steve Mawer. \"We also completed the change in our business segment reporting in order to improve transparency and provide insight into the value drivers of our business.\"\nSpecialty Products and Solutions\nPerformance Brands\nMontana/Renewables\nThree Months Ended March 31,\nThree Months Ended March 31,\nThree Months Ended March 31,\n2021\n2020\n2021\n2020\n2021\n2020\n(Dollars in millions, except per barrel data)\nGross profit (loss)\n$\n(38.3)\n$\n(5.9)\n$\n23.5\n$\n15.3\n$\n(27.2)\n$\n14.1\nAdjusted gross profit (loss)\n$\n4.5\n$\n69.7\n$\n24.2\n$\n15.9\n$\n(0.4)\n$\n37.1\nAdjusted EBITDA\n$\n(2.2)\n$\n69.0\n$\n16.0\n$\n10.6\n$\n(2.0)\n$\n32.2\nAdjusted gross profit (loss) per barrel\n$\n1.19\n$\n12.10\n$\n171.63\n$\n124.22\n$\n(0.17)\n$\n14.85\nSpecialty Products & Solutions (SPS): The SPS segment reported a loss in Adjusted EBITDA of $2.2 million, compared to Adjusted EBITDA of $69.0 million for the same quarter a year ago. A planned full plant...