Business
Calumet Specialty Products Partners, L.P. Reports Second Quarter 2020 Results
Consumer-facing Specialties volume growth and continued sales mix enrichment help capture Specialty margin expansion Operational execution and cost-out
About this update from Calumet, Inc
[{"type":"text","content":"Consumer-facing Specialties volume growth and continued sales mix enrichment help capture Specialty margin expansion\n Operational execution and cost-out actions drive positive operating cash flow and improved liquidity position\n\n\nINDIANAPOLIS, Aug. 6, 2020 /PRNewswire/ -- Calumet Specialty Products Partners, L.P. (NASDAQ: CLMT) (the \"Partnership,\" \"Calumet,\" \"we,\" \"our\" or \"us\"), a leading independent producer of specialty hydrocarbon and fuel products, today reported results for the second quarter ended June 30, 2020, as follows:\nThree Months Ended June 30,\nSix Months Ended June 30,\n2020\n2019\n2020\n2019\n(Dollars in millions, except per unit data)\nNet income (loss)\n$\n3.6\n$\n(16.8)\n$\n(10.8)\n$\n(0.4)\nNet income (loss) per unit\n$\n0.05\n$\n(0.21)\n$\n(0.13)\n$\n—\nAdjusted net income (loss)\n$\n(19.6)\n$\n11.0\n$\n2.8\n$\n5.5\nAdjusted net income (loss) per unit\n$\n(0.25)\n$\n0.14\n$\n0.04\n$\n0.07\nAdjusted EBITDA\n$\n41.0\n$\n77.0\n$\n124.7\n$\n136.7\nThe Partnership's $3.6 million of Net income and $0.05 Net income per unit for the second quarter 2020 included a $32.1 million favorable net impact related to the non-cash lower of cost or market (\"LCM\") inventory adjustments, a $0.7 million non-cash loss on impairment and disposal of assets and a $1.2 million unrealized hedging loss. Excluding these and other non-cash charges, Adjusted net loss and Adjusted net loss per unit were $(19.6) million and $(0.25), respectively. The Partnership's $41.0 million of Adjusted EBITDA for the second quarter 2020 excluded a $32.1 million favorable net impact related to the non-cash LCM inventory adjustments.\nFor detailed information on the non-GAAP measures presented in this release and a reconciliation of such measures to the nearest comparable GAAP measure for the periods presented above, please see the sections of this release entitled \"Non-GAAP Financial Measures\" and \"Non-GAAP Reconciliations.\"\nManagement Commentary\n\"Execution against our Specialty-focused strategy and continuing cost discipline helped drive another solid quarter of earnings results, as our Partnership continues to effectively manage through the uncertainty and volatility introduced into our markets related to the COVID-19 pandemic,\" said Steve Mawer, Chief Executive Officer of Calumet. \"Our core specialty business demonstrated res...