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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowIndianapolis-based Calumet Specialty Products Partners LP said Wednesday morning that a major refinery acquisition helped company revenue and profit soar in the fourth quarter compared to the same period in 2010.
Calumet had profit of $26.9 million, or 50 cents per share, compared with $9.5 million, or 26 cents a share, in the fourth quarter of 2010.
Quarterly revenue rose from $596.2 million to $1 billion.
The company attributed much of the profit to an increase in the average selling price and demand for its specialty products, partially offset by higher crude oil prices.
The fuel products segment profited from a 106.8-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.
For the entire year, Calumet had profit of $43 million compared with $16.7 million in 2010.
Revenue last year rose to $3.1 billion from $2.1 billion.
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 $22.10 each, near a 52-week high of $24 reached in July.
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