Valero Energy Corp. Announces 71% Decline In Q1 Earnings

(RTTNews) - Valero Energy Corp. (VLO) reported a profit for first quarter that lost ground from last year.

The company said its bottom line dropped to $283 million, or $0.60 per share. This was lower than $964 million, or $1.87 per share, in last year's first quarter.

Analysts had expected the company to earn $0.66 per share, according figures compiled by Thomson Reuters. Analysts' estimates typically exclude special items.

The company said revenue for the quarter fell 26.3% to $15.71 billion. This was down from $21.33 billion last year.

Valero Energy Corp. earnings at a glance:

-Earnings (Q1): $283 Mln. vs. $964 Mln. last year. -Earnings Decline (Y-o-Y): -70.6% -EPS (Q1): $0.60 vs. $1.87 last year. -EPS Decline (Y-o-Y): -67.9% -Analysts Estimate: $0.66 -Revenue (Q1): $15.71 Bln vs. $21.33 Bln last year. -Revenue Change (Y-o-Y): -26.3%