Calumet Specialty takes loss on lower revenue

Calumet Specialty Products Partners LP took a loss of nearly $49 million in the third quarter as sales fell 32 percent from the same quarter of 2014.

The Indianapolis-based producer of specialty hydrocarbon and fuel products said it lost $48.9 million, or 68 cents per share, in the quarter ended Sept. 30. That compared with a profit of $9.4 million, or 8 cents per share, in the same period a year ago.

Revenue fell from $1.68 billion to $1.14 billion, meeting analyst expectations.

The company said earnings would have been even higher if it hadn’t been for $120 million in special-item losses, including $57 million in inventory adjustments and $33.8 million in goodwill impairment charges.

Excluding special items, Calumet reported adjusted earnings of $71.1 million, or 86 cents per share, for the quarter, up from $38.5 million, or 48 cents, a year ago.

Adjusted earnings before interest, taxes, depreciation, and amortization, or EBITDA, rose to 131.7 million, up by nearly 20 percent from a year ago.

Calumet’s stock price was up 11 cents Wednesday morning, to $27.03 per share.

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