Business
Calumet Specialty Products Partners, L.P. Reports Fourth Quarter and Year End 2019 Results
Delivered improved profitability in core Specialty Products segment; Announces review of strategic options for its fuels refinery in Great Falls, Montana
About this update from Calumet, Inc
[{"type":"text","content":"Delivered improved profitability in core Specialty Products segment; Announces review of strategic options for its fuels refinery in Great Falls, Montana\n\n\nINDIANAPOLIS, March 5, 2020 /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 fourth quarter and year ended December 31, 2019, as follows:\nThree Months Ended December 31,\nYear Ended December 31,\n2019\n2018\n2019\n2018\n(Dollars in millions, except per unit data)\nNet income (loss)\n$\n(38.6)\n$\n18.1\n$\n(43.6)\n$\n(55.1)\nAdjusted net income (loss)\n$\n(17.8)\n$\n38.8\n$\n(5.2)\n$\n13.7\nNet income (loss) per unit\n$\n(0.48)\n$\n0.23\n$\n(0.55)\n$\n(0.69)\nAdjusted net income (loss) per unit\n$\n(0.23)\n$\n0.50\n$\n(0.07)\n$\n0.18\nAdjusted EBITDA\n$\n53.8\n$\n55.7\n$\n304.6\n$\n263.9\nAdjusted EBITDA (excluding LCM/LIFO)\n$\n49.9\n$\n107.0\n$\n262.8\n$\n300.8\nFor the fourth quarter 2019, the Partnership's $38.6 million Net loss, or $0.48 of net loss per unit, and Adjusted EBITDA of $53.8 million included a $3.9 million favorable net impact related to the non-cash lower of cost or market (\"LCM\") inventory adjustments and the liquidation of last-in, first-out (\"LIFO\") inventory layers. Excluding the impact of LCM, LIFO and other non-cash and non-recurring items, Adjusted net loss, Adjusted net loss per unit, and Adjusted EBITDA (excluding LCM/LIFO) were $17.8 million, $0.23 per unit, and $49.9 million, respectively.\nFor the full year 2019, the Partnership's $43.6 million Net loss, or $0.55 of net loss per unit, and Adjusted EBITDA of $304.6 million included a $41.8 million favorable net impact related to the non-cash lower of cost or market (\"LCM\") inventory adjustments and the liquidation of last-in, first-out (\"LIFO\") inventory layers. Excluding the impact of LCM, LIFO and other non-cash and non-recurring items, Adjusted net loss, Adjusted net loss per unit, and Adjusted EBITDA (excluding LCM/LIFO) were $5.2 million, $0.07 per unit, and $262.8 million, respectively.\nInvestors are advised to review the Partnership's annual report on Form 10-K that will be filed today for further details on the 2019 results, as well as the investor relations section of the website where an up...