Calumet Turns To Profit In Q3

(RTTNews) - Calumet Specialty Products Partners, L.P. (CLMT) Wednesday reported a profit for the third quarter, compared with a loss last year, helped by higher sales and gross margin, improved utilisation of key fuel refineries, and a strong demand for refined products.

The company recorded a net profit of $9.4 million or $0.08 per share, compared with a loss of $34.8 million or $0.54 per share last year.

On average, analysts polled by Thomson-Reuters estimated earnings to be $0.18. Analysts' estimates typically exclude one-time items.

Calumet's adjusted EBITDA totaled $107.5 million. It was $38.3 million a year earlier.

Net sales improved to $1.676 billion from $1.506 billion in the previous year. Analysts projected revenues to be $1.37 billion.

Bill Grube, Vice Chairman and Chief Executive Officer, said "Strong system reliability and seasonally robust refining economics, were among the key factors that contributed to our strong third quarter results."