US Calumet’s Q4 net income grows 70% on higher gross profits

13 February 2013 12:50  [Source: ICIS news]

LONDON (ICIS)--Calumet Specialty Products Partners saw its fourth-quarter net income rise 70% year on year to $45.7m (€33.8m) on higher gross profits, the US-based specialty refinery said on Wednesday.

The results include $7.6m of non-cash unrealised derivative gains, compared to $13.5m of non-cash unrealised derivative gains in the fourth quarter of 2011, the company added.

The group’s total sales for the three-month period grew to $1.22bn from $1.02bn the prior-year period, while earnings before interest expense, taxes, depreciation and amortisation (EBITDA) was $91.3m as compared with $65.0m for the same quarter in 2011.

Calumet’s total gross profit for the quarter ended 31 December rose sharply to $141.7m from $80.1m reported in the same period the year before on the back of a strong performance from its fuel products segment primarily due to a 23.3% increase in the business unit’s sales volume.

"Our fourth quarter results reflect an increase in gross profit as compared to the prior year period from both our legacy business and from our acquisitions completed in 2012,” said Bill Grube, Calumet's CEO.

"We continue to benefit from the Canadian heavy crude oil differentials at both our Superior and Montana refineries. Also, we have started to increase the supply of Bakken crude oil to our Shreveport refinery," he added.

For the full-year 2012, Calumet reported net income of $205.7m compared with $43m in 2011.

($1 = €0.74)

By: Franco Capaldo
+44 (0)20 8652 3214

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