Calumet Specialty Products Partners LP on Tuesday released a delayed quarterly earnings report that most company investors are likely to think was worth waiting for.
The Indianapolis-based fuel products refiner again lost money, but the loss was smaller than a year ago and indicated that cost-cutting efforts at the company are having an impact on the bottom line.
Calumet Specialty lost $4.8 million, or 6 cents per share, in the first quarter, down from $6.2 million, or 8 cents per share, in the same period of 2017.
Revenue dropped from $886.5 million a year ago to $750.5 million in the latest quarter as Calumet continued to shed money-losing operations.
"I am pleased to report that Calumet has delivered another solid quarter of results," Calumet CEO Tim Go said in written comments. "Continued strength in our Branded Products division, coupled with solid execution against our self-help initiatives, have allowed Calumet to continue the positive momentum we established over the last six quarters. Adjusting for divestitures from our portfolio, our first quarter results represent a significant improvement to the first quarter last year.”
The quarter was the third in a row in which Calumet had to either delay or revise its financial report. The company delayed its third quarter report by almost two months and sent out a revised fourth quarter report almost a month after the original release.
Calumet blamed the reporting glitches on “continued difficulties with respect to the implementation of the Enterprise Resource Planning software system.”
Calumet shares were up 6.2 percent Wednesday morning, to $8.44 each.