Calumet turns profit on higher product demand

Indianapolis-based Calumet Specialty Products Partners LP said on Wednesday morning that it turned a profit in the first quarter after reporting a loss in the same period a year ago.

Calumet had profit of $4.2 million, or 11 cents per share, compared with a loss of $13.1 million, or 36 cents a share, in the first quarter of 2010.

Quarterly revenue rose from $484.6 million to $605.2 million.

The company attributed much of the profit to an increase in the average selling price and demand for its specialty products. Those increases were partially offset by higher crude oil prices and increased transportation costs.

Calumet makes custom lubricants, waxes and solvents. It has a refinery in Shreveport, La., and also sells traditional fuel products.

The company also announced that it completed a private-placement offering of $400 million in senior notes to pay off existing debt. The unsecured notes would be due in 2019.

Calumet shares were down 25 cents Wednesday morning, to $20.72 each.
 

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