Calumet improves quarterly profit despite sales hit

Calumet Specialty Products LP on Wednesday morning posted a profit of $3.9 million in the third quarter, bouncing back
from a $12.5 million loss in the same period last year.

The Indianapolis-based
refiner and processor of specialty lubricants attributed the improvement to decreased
derivative losses, lower general and administrative expenses, and a reduction in interest expenses.

Nevertheless, third-quarter sales decreased to $492.4 million, from $724.4 million in the 2008
quarter.

"The continued economic weakness during the third quarter
and decline in fuel products crack spreads weighed negatively on our results,” Calumet
CEO Bill Grube said in a prepared statement. “We continue to work on controlling costs, executing
our hedging strategies and completing small, short-term payback projects to improve our results.”