Why Calumet Stock Flopped on Friday
The company posted a surprise net loss in its second quarter.
Overview
Friday was a trading day to forget for Calumet (NASDAQ: CLMT) and its shareholders. The oil products company's stock fell by almost 6% due largely to a quarterly earnings report that featured a surprise net loss.
Calumet's second quarter saw the company earn just under $1.45 billion, nearly 41% higher year over year. Net loss under generally accepted accounting principles (non-GAAP, or adjusted) narrowed considerably, coming in at $95.9 million ($1.09 per share) from the year-ago deficit of $147.9 million.
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Originally published at www.fool.com.
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