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As a subscriber you can listen to articles at work, in the car, or while you work out. Subscribe NowCalumet Specialty Products Partners LP’s profit more than doubled in the third quarter, helped by huge gains in the fuel-products side of its business following several acquisitions.
The Indianapolis-based crude oil processor, which makes lubricants for industrial and automotive uses, on Wednesday reported earnings of $42.4 million, up from $19.6 million in the third quarter a year ago.
Quarterly sales increased 52 percent, to $1.2 billion.
That growth was largely fueled by Calumet’s $442 million purchase of a refinery in Superior, Wisc., from Murphy Oil Corp., Calumet said.
The biggest gain was on the fuel products side of the business, which saw gross profit rise to $67.8 million from $8.8 million a year earlier.
The specialty products segment saw a more meager, 3-percent gain to its gross profit of $90.6 million. The operation, which produces waxes, solvents and lubricants, has increased its gross profit 27 percent this year.
Calumet has spent about $1 billion on acquisitions since October 2011, including Royal Purple Inc. for $333 million and Montana Refining Co. Inc. for $201 million.
Company shares were up 51 cents, to $31.63, in early trading Wednesday.
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