Valvoline

Valvoline Inc. last Wednesday reported financial results for its fourth quarter and fiscal year ended September 30, 2017.

Reported fourth-quarter net income was $105 million, compared to $65 million in the prior year. Adjusted net income was $68 million, which excluded $37 million of after-tax income primarily related to mark-to-market pension remeasurement impacts. Adjusted prior year net income was $59 million, which excluded $6 million of after-tax income also primarily related to pension remeasurements.

Reported operating income was $191 million; EBITDA from operating segments (Core North America, Quick Lubes and International) was $111 million.

Lubricant volume grew 2 percent to 45.6 million gallons.

Valvoline posted revenue of $547 million in the fiscal fourth quarter compared to $494 million in the same quarter in 2016.

For the full year, Valvoline reported net income of $304 million, record EBITDA from operating segments of $447 million and the eleventh consecutive year of SSS growth in VIOC at 7.4 percent.

For the year, revenue was reported as $2.08 billion compared to $1.93 billion during fiscal year 2016.

Calumet

Calumet Specialty Products Partners, L.P. was scheduled to report its third quarter financial results last Friday but announced that it will file a notification of late filing with the Securities and Exchange Commission ("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 ("ERP") system implementation, the results of which have delayed the Partnership's quarterly Form 10-Q filing. In the interim, the Partnership provided the following preliminary results for the third quarter:

Sales for the third quarter 2017 are estimated above $1,000 million compared to $966.6 million in last year's third quarter. Liquidity (Revolver Availability + Cash) is estimated to be above $400 million for the third quarter compared to $388 million in the third quarter of 2016.

Tim Go, Chief Executive Officer 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."

The Partnership is currently finalizing its financial results for the quarter ended September 30, 2017. The preliminary financial results provided are not a comprehensive statement of the Company's financial results for this period and reflect the Company's estimates based solely upon information available to it as of the date hereof. The Partnership's actual results are subject to its financial closing procedures, and may differ materially from these estimates following the completion of such procedures. Our independent registered public accounting firm has not reviewed or performed any procedures with respect to the accompanying preliminary financial data. As a result, the Partnership's actual financial results could be different from this preliminary financial data, and any differences could be material. These estimates should not be viewed as a substitute for full interim financial statements prepared in accordance with U.S. GAAP.