August 14, 2019
Volume 2 Issue 33
Earnings Improve at Cosan, Calumet
Calumet Specialty Products Partners LP reported a smaller net loss and decreased sales for the second quarter, while Cosan’s Moove lubricants segment enjoyed higher revenues and increased sales volume.
Indianapolis-based Calumet reported a net loss of $16.8 million for the company’s second quarter ended June 30, compared to a loss of $51.9 million in the year-earlier period.
The company’s second quarter sales hit $896.9 million, a 5 percent decrease from the same period last year, when sales reached $945.5 million.
Specialty products sales volumes for the quarter totaled 23,478 barrels per day, down almost 14 percent from 2018’s second quarter. Lubricating oils made up 11,327 b/d, down over 17 percent from the year-earlier period. Wax sales climbed over 21 percent to 1,427 b/d.
Moove – Cosan’s lubricant production and distribution arm – reported revenue of 1 billion Brazilian reals (U.S. $252.3 million) for the second quarter ended June 30, up almost 21 percent from 826.7 million from 2018’s second quarter.
The Sao Paulo, Brazil-based company sold more than 91,000 metric tons of finished lubricants over the quarter, a 16 percent rise from just over 79,000 metric tons the previous year.
Cosan said it received greater sales contribution from all of its markets, and that the start of new lubricants distribution operations in the past year helped its sales growth. Moove launched lubricant distribution operations in Portugal, France, Argentina and the United States in the last 12 months.
Cosan, a producer of sugar and ethanol products since 1936, expanded through acquisitions beginning in 2008 to become a distributor of fuels and lubricants.