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Calumet Specialty Products reports drop in income, modest sales gain

12:01 PM MDT | May 8, 2013 | Lindsay Frost

Calumet Specialty Products Partners (Indianapolis) reports a slight drop in first-quarter net income, though sales and adjusted Ebitda was up. Net income fell 11%, to $46 million, because of a decrease in realized derivative gains as well as higher operating and interest expense costs—all partially offset by growth in gross profit, the company says. Adjusted Ebit increased 15%, to $80 million, because of an increase in gross profit partially offset by an increase in total selling and general administrative expenses. Net sales increased 8%, to $1.3 billion...

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