VLO Valero Energy Corporation

By Oliver Griffin

Valero Energy Corp. (VLO) on Thursday reported a 54% rise in first-quarter net profit, beating analyst expectations, as refinery production averaged 2.9 million barrels per day.

The San Antonio-based transportation fuels company earned a quarterly profit of $469 million, or $1.09 a diluted share, compared with $305 million, or $0.68, for the same period last year. Analysts expected a profit of $447 million, or $1.01 a share, according to FactSet.

Excluding items, Valero Energy reported an adjusted profit of $1.00 a share for the quarter, compared with $0.68 last year and analysts forecasts of $0.94.

Sales rose to $26.4 billion, from $21.8 billion for the first quarter ended March 31, 2017. This compares with analysts' forecasts of $23.2 billion, according to FactSet.

Chairman and Chief Executive Joe Gorder said that Valero's refineries are well-situated to meet the growing demand for refined products in Latin America.

Write to Oliver Griffin at oliver.griffin@dowjones.com

(END) Dow Jones Newswires

April 26, 2018 07:28 ET (11:28 GMT)

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