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What: Shares of Calumet Specialty Products Partners, L.P. (NASDAQ:CLMT) dropped 10% today after announcing earnings.

So what: In the third quarter, Calumet swung from a $42.4 million profit a year ago to a $34.8 million, or $0.54 per share, loss. Analysts were expecting a profit of $0.11 per share, so the results were disappointing at first glance. 

Now what: Some of the income decline was due to higher input costs, resulting in lower margins for fuel and specialty products. The other big impact was a 30-day turnaround at a Montana plant that produces 10,000 barrels of product per day. Looking forward, operations should improve, as oil prices have fallen at both the Montana facility and the acquired San Antonio facility. While this quarter was disappointing, I think there's upside going forward, which presents a buying opportunity for long-term investors.

Fool contributor Travis Hoium has no position in any stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.