Lower crude prices boost Calumet profits-WEB ONLY



Calumet Specialty Products Partners L.P. this morning reported a profit of $75.6 million in the first quarter, bouncing back from a loss of $3.4 million in the same period of 2008.

 

The Indianapolis-based refiner and processor of specialty lubricants attributed the higher profit to significantly lower prices on crude oil, which it uses to make its products, and to increased derivative gains of $30.6 million.

Calumet‘s quarterly sales actually fell 30 percent from the year-ago period, from $594.7 million to $414.3 million, due to the economy’s drag on customer demand.

 

The company’s shares closed yesterday at $11.58 each.

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