Calumet reports profitable quarter on higher sales

Calumet Specialty Products Partners LP turned in a profitable second quarter, rebounding from a loss in the same period of 2014, the company reported Wednesday morning.

The Indianapolis-based producer of fuel products lost $8.3 million, or 17 cents per share, in the second quarter of 2014 due to several special expenses, including $46.6 million in debt extinguishment costs and inventory adjustments of $12.4 million.

In this year’s quarter, Calumet earned $2.5 million.

When adjusted for special costs, Calumet earned $31.5 million, or 35 cents per share, missing analyst estimates by 2 cents per share.

Calumet reported sales of $1.24 billion in the quarter, up from $1.15 billion a year ago. The amount topped analyst expectations of $1.08 billion.

Company officials attributed the sales increase to higher production at Calumet’s refineries in Shreveport, Louisiana, and San Antonio, Texas.

"Our core business performed well in the second quarter of 2015, as plant utilization, sales volumes and refined product margins increased on a year-over-year basis, resulting in another consecutive quarter of profitable growth for our unit-holders," Bill Hatch, Calumet’s interim CEO, said in a written statement.

Calumet shares dropped 22 cents Wednesday morning, to $26.38 per share.
 

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