Valero Energy Earnings: Best Fourth Quarter Since 2005
Valero Energy Corp. (NYSE:VLO) delivered a profit and beat Wall Street’s expectations, AND beat the revenue expectation. The revenue beat is a positive sign to shareholders seeking high growth out of the company. Shares are up 8.66%.
Valero Energy Corp. Earnings Cheat Sheet
Results: Net income increased 2144.44% to $1.01 billion ($1.82 per diluted share) in the quarter versus a net gain of $45 million in the year-earlier quarter.
Revenue: Rose 0.08% to $34.7 billion from the year-earlier quarter.
Actual vs. Wall St. Expectations: Valero Energy Corp. reported adjusted net income of $1.82 per share. By that measure, the company beat the mean analyst estimate of $1.18. It beat the average revenue estimate of $31.01 billion.
Quoting Management: “This was Valero’s best fourth-quarter earnings per share since 2005, and we made important progress on our strategic goals,” said Valero Chairman and CEO Bill Klesse. ”In the fourth quarter, we had a smooth start-up of our new hydrocracker at the Port Arthur refinery, which was the largest project in Valero’s history…