US Calumet doubles Q3 net income on strong fuels products business

31 October 2012 12:14  [Source: ICIS news]

HOUSTON (ICIS)--Calumet Specialty Products Partners more than doubled its third-quarter net income – to $42.4m (€32.6m), from $19.6m in the same period a year ago – driven by a strong performance of its fuels products business and the acquisition of lubricants firm Royal Purple, the US-based specialty refinery said on Wednesday.

"Our third quarter results were driven by strength in our fuel products segment and the addition of Royal Purple to our specialty products segment,” CEO Bill Grube said. Calumet acquired Royal Purple in a $335m deal agreed in June.

“We continued to benefit from widened crack spreads from Canadian heavy and Bakken crude oil differentials to NYMEX WTI [West Texas Intermediate] in the third quarter,” Grube added.

Calumet's sales for the three months ended 30 September rose 52% year on year to $1.18bn.

Third-quarter earnings before interest expense, taxes, depreciation and amortisation (EBITDA) were $91.4m, compared with $47.1m in the 2011 third quarter.

($1 = €0.77)

By: Stefan Baumgarten
+1 713 525 2653

AddThis Social Bookmark Button

For the latest chemical news, data and analysis that directly impacts your business sign up for a free trial to ICIS news - the breaking online news service for the global chemical industry.

Get the facts and analysis behind the headlines from our market leading weekly magazine: sign up to a free trial to ICIS Chemical Business.

Printer Friendly