Increased sales of fuel products from the acquisition of a major refinery helped Indianapolis-based Calumet Specialty Products Partners LP bring in higher revenue and profit in the first quarter.
The company said Wednesday morning that profit soared to $51.9 million, or 97 cents per share, from $4.2 million, or 11 cents per share, in the first quarter of 2011.
Quarterly revenue rose from $605.2 million to nearly $1.2 billion.
Calumet said average selling price and demand for its specialty products increased, driving profits higher. Expenses rose, too, because of higher crude oil prices.
The fuel products segment profited from a 150.8-percent increase in sales volume primarily due to its $442 million acquisition in September of a Superior, Wis., refinery from El Dorado, Ark.-based Murphy Oil Corp.
Calumet makes custom lubricants, waxes and solvents. It has a refinery in Shreveport, La., and also sells traditional fuel products.
Calumet shares opened trading Wednesday morning at a 52-week high of $27.23 each.