Calumet Specialty Products reports rise in earnings

Calumet Specialty Products (Indianapolis) reported an increase in earnings for the third quarter, to $42.4 million from $19.6 million in the same quarter 2011. Adjusted earnings of $121.4 million exclude capital expenditures and other expenses, and grew 72% year-over-year due to an increase in gross profit, offset by increases in derivative losses and selling transportation expenses. Adjusted earnings of 69 cts/share were up from analyst estimates of 60 cts/share, according to Thompson Reuters (New York). Sales were up 51%, to $1.2 billion. "Our third...

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