Shares of Calumet Specialty Products Partners LP dropped as much as 8 percent early Wednesday after the Indianapolis-based company reported a dramatic decline in profit in the second quarter.
The specialty fuel-products producer said earnings fell to $7.8 million, or 5 cents per share, in the quarter ended June 30, down from $65.7 million, or $1.14 per share, in the same period of 2012.
The falloff came despite a 24.5-percent increase in revenue, to $1.35 billion.
Calumet shares were down $2.09, or 6.6 percent, about 45 minutes after the market opened, to $29.88 each. The stock price has fallen 18 percent since July 1.
Calumet officials said various factors played into the drop in earnings, including a 45-day maintenance shutdown at its Superior, Wis., refinery, which cost the company nearly $27 million in cash flow.
In addition, profit margins on fuel and specialty products dropped anywhere from 18 percent to 23 percent, and compliance costs rose steeply due to new U.S. Renewable Fuels Standard requirements.
Company officials expect results to improve next quarter now that the Wisconsin refinery is back on line.