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

"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.”

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