Current CLMT Stock Info

Calumet Specialty Products Partners (ticker: CLMT) last week released its fourth quarter 2014 results. The independent refiner reported a net loss for the quarter ended December 31, 2014 of $63.5 million, or $(0.95) per diluted unit, compared to a net loss of $15.5 million, or $(0.27) per diluted unit, versus net income of $3.5 million, or $(0.17) per diluted unit, in 2013.

Excluding special items, CLMT reported adjusted net income of $65.5 million, or $0.86 per diluted unit, for Q4’14, versus an adjusted net loss of $20.1 million, or $(0.34...

Analyst Commentary

Roger D. Read and Lauren Hendrix, Wells Fargo Securities. 03.02.2015
We continue to be favorably disposed towards CLMT as the
company remains on track to generate over 1.0x distribution coverage in 2016.
The Q4 2014 results and near-term outlook update were a mixed bag. Q4 2014
delivered better than expected DCF generation and the outlook for fuel and
specialty margins are clearly higher for H1 2015. Unfortunately, higher capex to
complete two of the four organic growth projects (Dakota Prairie Refinery and
Missouri Esters), reduced expectations for the recently acquired oil services
businesses and a delayed start of Dakota Prairie facility lead us to lower operating
earnings. Also higher interest costs in the near-term will restrain DCF in 2015.
We are adjusting our DCF/unit estimates to $2.21/$3.56 from $2.75/$3.98. Our
rating remains Outperform and our valuation range remains $31-35.  


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