Calumet Specialty Products Partners (NASDAQ: CLMT) reported Q1 EPS of ($0.04), $0.39 better than the analyst estimate of ($0.43). Revenue for the quarter came in at $750.5 million versus the consensus estimate of $715.04 million.

"I am pleased to report that Calumet has delivered another solid quarter of results," said Tim Go, Chief Executive Officer of Calumet. "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. Further, we were able to increase our gross profit per barrel in both our specialty and fuels segments, despite heavy turnaround and maintenance activity at a few of our facilities and the continued upward trajectory of crude prices."

Go concluded, "We remain intently focused on progressing our strategic priorities this year. We continue to look for opportunities to reduce leverage on our balance sheet, enhance our cash flows, and position Calumet for continued sustainable growth. We strengthened our balance sheet by completing the early redemption of our high interest senior secured notes and by extending our corporate revolving credit facility another five years. In addition, we partnered with The Heritage Group to make a commitment to renewable base oil technology through the acquisition of Biosynthetic Technologies, LLC, which is representative of our long-term vision of producing innovative value-enhancing specialty products for our customers. The partners intend to explore a range of alternatives to maximize the value of the acquired estolides technology. This could include internal or external licensing or the sale of the technology for applications across a diverse portfolio of products and solutions in a variety of end-markets. One of the first potential uses of this proprietary technology is commercial production of renewable esters at our Missouri plant. In summary, we look forward to building on the momentum we created, as we continue to transform our specialty products business."

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