Both Valvoline and Calumet reported improved quarterly financial results. Valvoline reported that fiscal fourth quarter sales and volume both rose 2 percent while EBITDA rose 5 percent, to $87 million, and EBITDA as a percent of sales was 16.7 percent. Calumet reported net income for the third quarter ended September 30, 2014 of $9.4 million compared to a net loss of $34.8 million in the third quarter 2013.

Valvoline finished fiscal 2014 on a strong note, with continued mix improvement and cost savings from the global restructuring contributing to record earnings for the fourth quarter and full fiscal year. Sales and volume in the fourth quarter both rose 2 percent. Overall sales totaled $520 million, led by another solid performance at Valvoline Instant Oil ChangeSM, where same-store sales at company-owned sites grew 5 percent. That growth was fueled by increased oil changes per day and higher average ticket price. Good performances from the Do-It-For-Me (DIFM) and international channels offset year-over-year declines in sales and volumes in the Do-It-Yourself (DIY) channel. The international channel reported mixed results, with strong performance in Asia and Latin America being offset by weak sales in Europe. Valvoline's EBITDA rose 5 percent, to $87 million, and EBITDA as a percent of sales was 16.7 percent, an increase of 40 basis points versus the prior year.

Parent company Ashland reported a loss from continuing operations of $26 million on sales of greater than $1.5 billion, including key items that together reduced income from continuing operations by approximately $131 million. Excluding the five key items, Ashland's adjusted income from continuing operations was $105 million. For the year-ago quarter, Ashland reported income from continuing operations of $336 million on sales of nearly $1.5 billion. The year-ago results included five key items that together increased income from continuing operations by approximately $234 million, net of tax. Excluding these key items, Ashland's adjusted income from continuing operations was $102 million.

Calumet reported net income for the third quarter ended September 30, 2014 of $9.4 million compared to a net loss of $34.8 million in the third quarter 2013. Third quarter 2014 results include $25.6 million in non-cash unrealized derivative losses, compared to $2.4 million non-cash unrealized derivative gains in the prior year period. Calumet generated Adjusted EBITDA of $107.5 million during the third quarter 2014 versus $38.3 million in the prior-year period. Calumet's Specialty Products segment generated a gross profit of $41.98 per barrel during the third quarter 2014, compared to $31.47 per barrel in the third quarter 2013. The increase in specialty products segment gross profit of $72.9 million between the third quarter 2014 and the prior year period was attributable to incremental gross profit contributions from recently completed acquisitions, including Anchor Drilling Fluids, Bel-Ray, Specialty Oilfield Services and United Petroleum, coupled with a decline in the average cost of crude oil per barrel year over year. In its press release, Calumet stated that its Missouri Esters Plant Expansion Project continues to make progress on a project that is expected to double esters production capacity at its Missouri esters plant from 35 million to 75 million pounds per year. Esters are a key base stock used in the aviation, refrigeration and automotive lubricants markets. The Partnership anticipates completion of the project during the second quarter 2015. The estimated total construction cost of the expansion project is approximately $40 million.