Calumet Specialty Products -17% following larger than forecast Q3 loss

|About: Calumet Specialty Products ... (CLMT)|By:, SA News Editor

Calumet Specialty Products Partners (CLMT -17.1%) plummets to a 52-week low after reporting a much larger than expected Q3 loss and a 7% Y/Y decline in revenues, saying planned downtime across its facilities hurt volumes and profitability.

CLMT says volumes in its Specialty segment were significantly affected by 40 days of downtime at the Princeton facility, and the partial turnaround at the Great Falls refinery lasted 32 days and hurt gasoline volumes in its Fuels segment.

CLMT says Q3 capital spending totaled $55M, while lowering guidance on full-year capex to a range of $70M-$80M.

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