Calumet Specialty Products Partners LP on Thursday reported another steep quarterly loss, but the performance marked an improvement over the previous four quarters.
The Indianapolis-based fuel-products company on Thursday said it lost $33.4 million, or 42 cents per share, in the third quarter, compared with a loss of $48.9 million, or 68 cents per share, during the same period of 2015.
Shares of Calumet were trading at $3.10 each late Thursday morning, down 12.7 percent from Wednesday’s close. The company's stock has fallen 84 percent since the beginning of the year.
Year-to-date, Calumet has posted a total of $249 million in losses. It lost $147.9 million in the second quarter alone after it divested itself of a money-losing North Dakota refinery that it had developed in partnership with WBI Energy, a subsidiary of North Dakota-based MDU Resources Group. That refinery had only begun selling diesel fuel in May 2015.
It also took a losses of $67.7 million in the first quarter and $116.8 million in the fourth quarter of 2015.
The company hasn't turned a quarterly profit since it earned $2.5 million in last year's second period.
Calumet’s third-quarter sales stood at $966.6 million, down from $1.14 billion during the same period a year ago.
Over the past 52 weeks, shares have traded between $2.79 and $27.06.
Calumet officials said the loss was due in part to two factors: an unfavorable inventory adjustment of $11 million and a $10.1 million expense related to federal renewable fuel standards compliance.