Calumet Specialty Products Partners LP lost $6 million, or 8 cents per share, during the first quarter, but still managed to outperform analysts’ expectations.
The Indianapolis-based refinery company’s quarterly financial report, released Thursday morning, showed marked improvement over the same period a year ago, when the company posted a loss of $68 million, or 87 cents per share.
A consensus of analysts had expected Calumet to report a loss of 62 cents per share, with individual estimates ranging from losses of 39 cents to 93 cents per share.
Calumet, which produces specialty hydrocarbon and fuel products, including oils, waxes, asphalt, solvents, gasoline, diesel fuel and jet fuel, also beat analysts’ sales expectations for the quarter.
The company reported $937 million in sales for the quarter ending March 31, up from $713 million during the same period a year ago. Analysts had expected sales of $871 million.
"Our solid performance this quarter shows that we continue to turn the corner on our transformation, as we successfully execute against the strategic goals we set last year," CEO Tim Go said in a written statement. "We believe that our ongoing efforts to eliminate waste, reduce costs and capture increased margins across our business have begun to positively impact our financial performance."
In 2016, Calumet sold off its interest in Dakota Prairie Refining, a money-losing joint-venture refinery in Dickinson, North Dakota. The company also reduced its workforce by 6 percent, ending the year with 2,047 employees.
Shares of Calumet were trading at $3.88 Thursday morning, up 11 percent from Wednesday’s close. Over the past year, the company’s stock has traded between $3.40 and $4.40 per share.