Calumet Specialty Products Partners third quarter sales increased dramatically compared to the year earlier quarter. For 2011s first nine months, independent lubricant blender Fuchs posted strong sales across all of its regions, compared to the same period last year.
Calumet posted $19.6 million net income for the quarter ending Sept. 30, down 7.5 percent from $21.2 million net income in the year earlier period. The third quarter 2011 results include $20.3 million of noncash unrealized derivative losses and $2.1 million of acquisition expenses related to acquisition of Murphy Oils Superior, Wisconsin refinery, compared to $1.9 million of noncash unrealized derivative gains in 2010s third quarter.
Sales for Indianapolis-based Calumet totaled $777.8 million, up nearly 31 percent from $595.3 million in the year earlier period.
Third quarter specialty products sales volumes amounted to 30,464 barrels per day, down 5.3 percent from 2010s third quarter. Calumets third quarter specialty products segment sales volumes included 15,017 b/d of lubricating oils, 10,963 b/d of solvents and 1,434 b/d of waxes.
Calumet CEO and Vice Chairman Bill Grube said the company was pleased with its results for the third quarter, noting improvements in its specialty products and fuel products segments. We continue to focus on strong operations to meet demand for our specialty products and to better benefit from current fuel products crack spreads, Grube stated.
Fuchs Petrolub Group posted net profit of 137 million (U.S. $188.7 million) for the first nine months of 2011, up 3 percent from 133 million during the same period in 2010.
All of Fuchs regions grew in revenue during the first nine months of 2011, compared to the same period last year. During the first nine months, revenue increased 18.3 percent to 770 million in Europe, rose 11 percent to 312 million in Asia-Pacific and Africa, and grew 14.7 percent to 211 million in North and South America.
The key drivers of this growth were significant volume increases in connection with sales price increases as a result of higher raw material costs, noted Fuchs of Mannheim, Germany.
Fuchs anticipates year-on-year increases in both sales revenues and earnings for the financial year 2011. However, in light of the economic slowdown it will be difficult to reach the high level recorded in the fourth quarter of the previous year (59 million) in the fourth quarter of 2011, the company cautioned.