Markets :: Specialty Chemicals :: Lubricants
Calumet Specialty Products swings to loss
12:33 PM MST | November 6, 2013 | Vincent Valk
Calumet Specialty Products today reported a net loss of $34.8 million, or 54 cts/share, compared with a profit of $42.4 million in the year-ago quarter, on sales up 28% year-on-year (YOY), to $1.51 billion. The company recorded a loss due to a steep decline in margins for both fuels and lubricants, since selling prices for gasoline, lubricating oils, and asphalt fell short of a large rise in the price of crude oil during the quarter. "Higher crude oil prices adversely impacted refined product margins within both our fuel and specialty products segments...
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