- Calumet Specialty Products Partners (NASDAQ:CLMT +30.3%) says that Q4 earnings above expectations, though reported lower sales and production volumes on Y/Y basis
- Sales declines ~4% to $848M; sales volume were down 13% to 96,967 bpd and total feedstock runs declines 15% to 91,972 bpd
- Specialty and fuel products production is down 4% and 15% to 24,089 bpd and 93,879 bpd, respectively.
- Despite sales decline gross margin was unchanged at ~11%, adj. EBITDA margin improved by ~190bps to 7%; reports adj. net income of $42.9M as compared to loss of $55.2M
- The company says that Q4 results were driven by gains across both Specialty Products and Fuel Products segments, despite the seasonally weaker demand.
- Phase I of Self-Help program was completed in Q4 after generating $182M in incremental Adjusted EBITDA, meeting its three-year goal
- Announces Phase II of its self-help initiative, with the goal of ~$100M as adj. EBITDA by 2021; anticipates to to spend ~$25M-$45M on turnaround activity and smaller growth capital projects, in over 3-year period
- For FY19, total capital spending is expected to be between $80M-$90M
- Previously: Calumet Specialty beats by $0.41, beats on revenue (March 7)
Calumet Specialty Products Partners shares rises ~30% post Q4 earnings
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Symbol | Last Price | % Chg |
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