Valero Energy Profit Up 26%
SAN ANTONIO (AP) — Valero Energy Corp. (VLO) on Wednesday reported earnings that climbed by 26 percent in its second quarter, and fell short of analysts' expectations.
The San Antonio-based company said net income increased to $588 million, or $1.10 per share, from $466 million, or 85 cents per share, in the same quarter a year ago.
Earnings, adjusted to account for discontinued operations, were $1.22 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.
The oil refiner said revenue rose 2.6 percent to $34.91 billion from $34.03 billion in the same quarter a year earlier.
Valero Energy shares have fallen 55 cents, or 1.1 percent, to $49.85 since the beginning of the year, while the Standard & Poor's 500 index has risen 6.6 percent. However, the stock has risen $14.32, or 40 percent, in the last 12 months.