Calumet Shares Climb 16% After 2Q Results Beat Expectations

Dow Jones08-09

By Sabela Ojea

Shares of Calumet on Friday climbed after the company reported better-than-expected results in the second quarter.

The stock was up 16% to $13.70 in morning trading. Shares have, however, dropped about 27% since the beginning of the year.

The manufacturer of specialty branded products in various consumer and industrial markets posted a net loss of $39.1 million, or 48 cents a share, compared with a loss of $22.3 million, or 27 cents a share, for the same period a year earlier. Analysts had forecast a wider loss of 55 cents.

Quarterly sales rose to $1.13 billion from $1.02 billion a year ago, beating the $889.2 million expected by Wall Street analysts, according to FactSet.

Write to Sabela Ojea at sabela.ojea@wsj.com; @sabelaojeaguix

(END) Dow Jones Newswires

August 09, 2024 10:08 ET (14:08 GMT)

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