Stock Track | Calumet Shares Soar Despite Larger Q3 Loss on Revenue Beat

Stock Track11-09

Shares of Calumet Specialty Products Partners LP (CLMT) surged 5.18% on Thursday after the company reported a wider-than-expected loss for the third quarter but exceeded revenue estimates amid challenging market conditions.

The refiner and producer of specialty petroleum products posted a quarterly adjusted loss of $1.18 per share, larger than the $0.74 loss per share anticipated by analysts. However, revenue fell by a lower-than-expected 4.3% year-over-year to $1.1 billion, beating Wall Street's forecast of $972.12 million.

Despite the net loss of $100.6 million, investors appeared to focus on the revenue outperformance and potential signs of improvement. Analysts had significantly lowered their earnings estimates for Calumet over the past three months, with five analysts revising down their projections in the last 30 days alone.

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