US Calumet Q1 net income jumps to $59.1m on higher volumes, prices

02 May 2012 13:59  [Source: ICIS news]

HOUSTON (ICIS)--Calumet’s first-quarter net income rose to $59.1m (€44.9m), from $4.2m in the same period a year ago, primarily because of higher sales volumes and increased prices in its core specialty products and fuel products businesses, the US-based producer said on Wednesday.

Calumet said that gross profit in its is specialty products segment rose by 38.8% year on year to $66.5m, primarily driven by a 29.4% increase in sales volume and a 9.5% increase in the average per-barrel selling price.

CEO Bill Grube said that the specialty products segment continued to benefit from increasing demand and widening crack spreads driven by heavy Canadian and Bakken crude oil differentials to NYMEX West Texas Intermediate (WTI) in the first quarter.

Meanwhile, Calumet's fuel products segment recorded a first-quarter gross profit of $17.8m, compared with a loss of $1.0m in the same period a year ago, as sales volumes more than doubled because of an acquisition and the average per-barrel selling price rose by 9.2%.

Calumet’s overall sales for the three months ended 31 March almost doubled to $1.17bn.

The Indianapolis, Indiana-based company processes crude oil and other feedstocks into customised lubricating oils, solvents, waxes and asphalt. It also produces fuel products such as gasoline, diesel and jet fuel.

($1 = €0.76)

By: Stefan Baumgarten
+1 713 525 2653

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