Business
Calumet Specialty Products Partners, L.P. Reports Third Quarter 2020 Results
Growth in consumer-facing Specialties and record year to date performance in Finished Lubricants delivers strong gross profit and margin results Year to date
About this update from Calumet, Inc
[{"type":"text","content":"Growth in consumer-facing Specialties and record year to date performance in Finished Lubricants delivers strong gross profit and margin results\n Year to date Specialty Adjusted EBITDA results outperforming prior year despite pandemic\n\n\nINDIANAPOLIS, Nov. 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 third quarter ended September 30, 2020, as follows:\nThree Months Ended September 30,\nNine Months Ended September 30,\n2020\n2019\n2020\n2019\n(Dollars in millions, except per unit data)\nNet loss\n$\n(56.1)\n$\n(4.6)\n$\n(66.9)\n$\n(5.0)\nNet loss per unit\n$\n(0.70)\n$\n(0.06)\n$\n(0.83)\n$\n(0.06)\nAdjusted net income (loss)\n$\n(38.2)\n$\n8.4\n$\n(35.4)\n$\n13.9\nAdjusted net income (loss) per unit\n$\n(0.49)\n$\n0.11\n$\n(0.45)\n$\n0.18\nAdjusted EBITDA\n$\n25.4\n$\n76.2\n$\n150.1\n$\n212.9\nThe Partnership's $56.1 million of Net loss and $0.70 Net loss per unit for the third quarter 2020 included a $1.1 million unfavorable net impact related to non-cash lower of cost or market (\"LCM\") inventory adjustments and a $9.2 million unrealized hedging loss. Excluding these and other non-cash charges, Adjusted net loss and Adjusted net loss per unit were $38.2 million and $0.49, respectively. The Partnership's $25.4 million of Adjusted EBITDA for the third quarter 2020 excluded a $1.1 million unfavorable net impact related to 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\"The resilience and diversity of our core Specialty business was again demonstrated with this segment generating both profit and margin growth year-over-year, as Gross profit and Adjusted gross profit per barrel improved 7.2% and 13.3%, respectively versus last year's third quarter. Year to date, Specialty products segment Adjusted EBITDA of $176.6 million is trending 7% ahead of last year's results through the first three quarters. Growth in Special...