Valero Energy First-Quarter Profit Jumps 54%, Beats Analyst Expectations
April 26 2018 - 7:43AM
Dow Jones News
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)
Copyright (c) 2018 Dow Jones & Company, Inc.
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