* Calumet posts Q2 loss on hedging activities * Adjusted Q2 EPS $0.70 vs. estimate of $0.53 * Sales down 34 percent
Aug 5 (Reuters) - Oil refiner Calumet Specialty Products Partners LP posted a second-quarter loss due to unrealized losses from mark to market accounting for derivative activities.
The company posted a net loss of $26.0 million, or 79 cents a share, for the quarter, compared with a net income of $41.8 million, or $1.27 a share, in the year ago quarter.
However, the company's adjusted net income for the quarter was 70 cents a share, while analysts, on average, had expected earnings of 53 cents a share, according to Reuters Estimates.
Sales fell 34 percent to $444.0 million. Analysts had forecast revenue of $494.3 million.
'The significant increase in crude oil prices and continued weakness in product demand resulted in a second quarter that was very challenging for all refiners, including Calumet,' Chief Executive Bill Grube said in a statement.
In the second quarter, the price for West Texas Intermediate crude oil averaged just under $60 per barrel, up from $43 per barrel last quarter but less than half the price during the same quarter a year ago.
Shares of Calumet closed at $17.13 Tuesday on the Nasdaq. They have traded in a range of $5.77 to $18.53 in the last one year.
(Reporting by Hezron Selvi in Bangalore; Editing by Aradhana Aravindan) Keywords: CALUMET/ (hezron.selvi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging; hezron.selvi.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
Aug 5 (Reuters) - Oil refiner Calumet Specialty Products Partners LP posted a second-quarter loss due to unrealized losses from mark to market accounting for derivative activities.
The company posted a net loss of $26.0 million, or 79 cents a share, for the quarter, compared with a net income of $41.8 million, or $1.27 a share, in the year ago quarter.
However, the company's adjusted net income for the quarter was 70 cents a share, while analysts, on average, had expected earnings of 53 cents a share, according to Reuters Estimates.
Sales fell 34 percent to $444.0 million. Analysts had forecast revenue of $494.3 million.
'The significant increase in crude oil prices and continued weakness in product demand resulted in a second quarter that was very challenging for all refiners, including Calumet,' Chief Executive Bill Grube said in a statement.
In the second quarter, the price for West Texas Intermediate crude oil averaged just under $60 per barrel, up from $43 per barrel last quarter but less than half the price during the same quarter a year ago.
Shares of Calumet closed at $17.13 Tuesday on the Nasdaq. They have traded in a range of $5.77 to $18.53 in the last one year.
(Reporting by Hezron Selvi in Bangalore; Editing by Aradhana Aravindan) Keywords: CALUMET/ (hezron.selvi@thomsonreuters.com; within U.S. +1 646 223 8780; outside U.S. +91 80 4135 5800; Reuters Messaging; hezron.selvi.reuters.com@reuters.net) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.