Calumet Specialty Products to delay reporting Q3 results
Calumet Specialty Products Partners announced select preliminary financial results and that it will file a notification of late filing with the SEC with respect to the filing of its quarterly report on Form 10-Q for the fiscal quarter ended September 30, 2017. Calumet is currently in the later stages of an enterprise resource planning system implementation, the results of which have delayed the Partnership's quarterly Form 10-Q filing. The company sees Q3 revenue above $1B, consensus $872.34M. Tim Go, CEO of Calumet, commented, "After the launch of our new ERP system on September 1st, we encountered challenges that affected our financial reporting capabilities. As a result, along with the recent closing of our Superior, Wisconsin Refinery divestiture, we are taking additional time to accurately complete our financial statements and permit our external auditor to complete its review procedures. While we are disappointed to be experiencing this reporting delay, we are working diligently to provide our third quarter financial results as quickly as possible. We are also working closely with our implementation partner to capture the system's full benefits and enable us to capitalize on new categories of self-help, including opportunities to improve sales, product mix and optimize transportation and procurement. In the meantime, we are providing low end estimates for both our sales and liquidity positions that show our business performance continues to improve and highlight strong operations, supported by positive market conditions across all three segments. This is expected to include year-over-year performance improvement in our specialty products segment driven by continued tight supply and self-help initiatives, strong operational performance from our fuel plants after Hurricane Harvey, and the strongest financial performance in our oilfield services segment in 11 quarters, partially offset by rising feedstock costs and temporary disruptions in the supply chain as a result of Hurricane Harvey and the implementation of our ERP system."