Valero Energy Q4 Profit Increases

(RTTNews) - Valero Energy Corp. (VLO) reported net income attributable to stockholders of $1.1 billion or $2.58 per share, for the fourth quarter of 2019 up from $952 million or $2.24 per share in the fourth quarter of 2018.

Adjusted net income attributable to Valero stockholders was $873 million, or $2.13 per share, for the fourth quarter of 2019 and $932 million, or $2.19 per share, for the fourth quarter of 2018. The adjustment for the fourth quarter of 2019 is associated with the retroactive blender's tax credit.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.62 per share for the quarter. Analysts' estimates typically exclude special items.

Revenues for the quarter declined to $27.88 billion from $28.73 billion in the prior year. Analysts expected revenues of $25.91 billion for the quarter.

Valero continues to expect to invest approximately $2.5 billion of capital in 2020, of which approximately 60 percent is for sustaining the business and about 40 percent is for growth projects.