Valero Energy Corp. VLO, -0.69% reported results for the fourth quarter before the market opening Thursday. Here’s what you need to know:
PROFIT: Net income attributable to shareholders was $2.37 billion, or $.542 a share, compared to $367 million, or 81 cents a share for the same quarter a year before. Adjusted earnings rose 39% to $509 million, or $1.16 a share, compared to $367 million, or 81 cents a share. Analysts polled by Thomson Reuters were predicting earnings per share of $1.08.
REVENUE: Operating revenue rose 27% to $26.39 billion. Analysts were expecting $22.5 billion in revenue.
SEGMENTS: Refining operating income rose 52% to $982 million. “Looking ahead, we continue to see a favorable fundamental environment, with abundant crude oil supply and strong products demand being supported by global economic growth,” Chief Executive Joe Gorder said in prepared remarks. Operating income for ethanol fell 71% to $37 million “attributed primarily to margin pressure resulting from lower ethanol prices,” the company said. Operating income for VLP rose 14% to $80 million helped by contributions from acquisitions Valero made last year, the company said.
TAX LAW: The company’s GAAP earnings were helped by a $1.86 billion benefit from the new tax law.
Shares rose 1.8% premarket. In the past year, they’ve risen 47%.
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