Calumet Specialty Products Partners LP’s profit more than doubled in the third quarter, helped by huge gains in the fuel-products side of its business following several acquisitions.
The Indianapolis-based crude oil processor, which makes lubricants for industrial and automotive uses, on Wednesday reported earnings of $42.4 million, up from $19.6 million in the third quarter a year ago.
Quarterly sales increased 52 percent, to $1.2 billion.
That growth was largely fueled by Calumet’s $442 million purchase of a refinery in Superior, Wisc., from Murphy Oil Corp., Calumet said.
The biggest gain was on the fuel products side of the business, which saw gross profit rise to $67.8 million from $8.8 million a year earlier.
The specialty products segment saw a more meager, 3-percent gain to its gross profit of $90.6 million. The operation, which produces waxes, solvents and lubricants, has increased its gross profit 27 percent this year.
Calumet has spent about $1 billion on acquisitions since October 2011, including Royal Purple Inc. for $333 million and Montana Refining Co. Inc. for $201 million.
Company shares were up 51 cents, to $31.63, in early trading Wednesday.