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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCalumet Specialty Products Partners lost $63.5 million in the fourth quarter, leading to an unprofitable year, the company said Friday. But the Indianapolis-based producer of specialty hydrocarbon and fuel products still exceeded the expectations of analysts.
Calumet’s quarterly loss of $63.5 million, or 95 cents per share, was 309 percent higher than the loss of $15.5 million, or 27 cents per share, it took in the fourth quarter of 2013. Revenue rose 7.7 percent from the year-ago quarter, to $1.33 billion.
However, on an adjusted basis that excluded special expenses, Calumet reported earnings of $65.5 million, or 86 cents per share, in the fourth quarter, compared with a loss $20.1 million, or 34 cents per share, the year before.
Analysts had predicted an adjusted gain of just 10 cents per share.
For the full year, Calumet suffered a loss of $112.2 million, compared with a gain of $3.5 million in 2013. Revenue jumped from $5.42 billion to $5.79 billion.
On an adjusted basis, the company lost $4.5 million, or 28 cents per share, compared with a loss of $18 million, or 48 cents per share, in 2013. Analysts had predicted an adjusted loss of 70 cents per share.
The net losses in the fourth quarter were brought on by several special expenses, including a market inventory adjustment of $72.8 million, $23.2 million in derivative losses and a $36 million goodwill-impairment charge related to acquisitions.
Gross profit grew 33 percent, or $26.3 million, in the specialty products segment during the quarter, and 175 percent, or $58.7 million, in the fuel-products segment.
Calumet shares rose 15 cents Friday, to $28 per share.
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