29.10.2013 13:14:41

Valero Energy Q3 Profit Falls - Quick Facts

(RTTNews) - Valero Energy Corp. (VLO) reported the third quarter of 2013 net income attributable to stockholders of $312 million, or $0.57 per share, down from $674 million, or $1.21 per share in the third quarter of 2012. Analysts polled by Thomson Reuters expected the company to report earnings of $0.41 per share for the quarter. Analysts' estimates typically exclude special items.

The third quarter 2012 results included a noncash asset impairment loss of $341 million after taxes, or $0.62 per share, and severance expense of $41 million after taxes, or $0.07 per share, primarily related to the Aruba refinery.

Excluding these items, net income attributable to stockholders was $1.1 billion, or $1.90 per share for the third quarter 2012.

Third quarter 2013 operating income was $532 million compared to operating income of $1.3 billion in the third quarter of 2012. Excluding the items, third quarter 2012 operating income was $1.7 billion. The decrease in operating income was due to lower refining throughput margins caused by lower gasoline and diesel margins as well as lower light sweet and sour crude oil discounts. Also contributing to the decline in operating income were higher costs for Renewable Identification Numbers to comply with the U.S. federal Renewable Fuel Standard. Strong performance in the ethanol business partially offset the decline in operating income.

Quarterly operating revenues increased to $36.14 billion from last year's $34.73 billion. Five analysts estimated revenues of $29.76 billion for the quarter.

On May 1, 2013, the company completed the separation of its retail business, creating an independent public company named CST Brands, Inc. As a result and effective May 1, 2013, the company said its results of operations no longer include those of CST, except for its share of CST's results of operations associated with the equity interest in CST retained by its, which was reflected in "Other income (expense), net" in the three and nine months ended September 30, 2013.

Valero expects full-year 2013 capital expenditures, including turnarounds and catalyst, to be approximately $2.85 billion, of which $1.30 billion is for growth investments. For 2014, capital expenditures, including turnarounds and catalyst, are expected to be approximately $3 billion.

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