US Calumet's net profit falls 11.4% after refinery reliability issues

08 May 2013 12:36  [Source: ICIS news]

LONDON (ICIS)--Calumet’s first-quarter net income fell by 11.4% year on year as the US specialty products producer was hit by refinery reliability issues, it said on Wednesday.

The company’s net income for the quarter ended 31 March 2013 was $46.0m (€35m) compared with $51.9m in the same period last year.

Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) were up however, to $80.0m from $69.7m in last year’s first quarter.

Sales revenue during the quarter was also higher at $1.32bn from $1.17bn in the same period in 2012.

"Although our results were adversely impacted by reliability issues at our Shreveport refinery during the first quarter, the second quarter is off to a good start, supported by strong refining economics and improved utilisation at our key production facilities,” said vice chairman and CEO Bill Grube.

Calumet will complete a series of high-return capital projects at several of its key production facilities over the next two years, Grube said.

These will include a new crude oil loading dock on Lake Superior as well as numerous capacity and product expansions.

($1 = €0.76)

By: Graeme Paterson
+44 20 8652 3214

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