Calumet Specialty Products posts $56M quarterly loss

Indianapolis-based Calumet Specialty Products Partners LP posted a big loss in the third quarter, but the company said it is seeing business conditions improve compared with earlier months of the pandemic.

The company, which makes a variety of specialty hydrocarbon and fuels products, on Friday reported a quarterly loss of $56.1 million, or 70 cents per share. That compares with a loss of $4.6 million, or 6 cents per share, during the same period a year earlier.

Quarterly revenue was $568 million. That’s down from the $929.6 million the company booked during the third quarter of 2019, but up from its second-quarter revenues of $453.7 million.

“Overall, the message of the third quarter is one of recovery,” CEO Steve Mawer told analysts during a conference call Friday morning.

Mawer said the company has seen “steady improvement” in sales since July.

During the first nine months of the year Calumet posted a $66.9 million loss, compared with a $5 million loss for the same period in 2019.

Calumet shares were trading at $2.73 each Friday morning, down 25% from Thursday’s close. The stock has traded from 82 cents to $4.70 over the past year.