Calumet Specialty Products Partners (NASDAQ: CLMT) reported Q4 EPS of ($0.89), $0.10 worse than the analyst estimate of ($0.79). Revenue for the quarter came in at $553.9 million versus the consensus estimate of $488.34 million.

Management Commentary

"In a difficult and challenging pandemic year, the team successfully focused on execution. We were particularly pleased that our core Specialties business had an extremely successful 2020," said Steve Mawer, our Chief Executive Officer. "For the fourth quarter, Specialty gross profit and Adjusted EBITDA grew by 27.6% and 43.5%, respectively, overcoming typical seasonality. We are very proud of the hard work and dedication exhibited by our team during an unparalleled global health crisis."

Mawer continued, "COVID-related demand weakness presented challenges to our Fuels business throughout the year, with our results negatively impacted by weak refining fundamentals and the mark-to-market of non-cash RINs costs. Despite this, the partnership took decisive actions and delivered a record-setting safety performance, a step change in our cost structure, and a laser focus approach on satisfying our customers during a difficult time. These actions combined with strong organic growth in specialties, led by a record year in our Finished Lubes & Chemicals business, helped Calumet generate positive free cash flow in the most challenging of circumstances."

Mawer continued, "Looking ahead, we are encouraged by the continued growth of our specialties business and the across the board improvement in demand for all of our products as a result of the economic recovery being driven by the rapid rollout of the vaccine."

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