Valero Energy (VLO) Tops Q3 EPS by 13c, Revenues Beat

Valero Energy (NYSE: VLO) reported Q3 EPS of $1.48, $0.13 better than the analyst estimate of $1.35. Revenue for the quarter came in at $27.25 billion versus the consensus estimate of $24.21 billion.

“We delivered another quarter of solid financial results despite challenging market conditions,” said Joe Gorder, Valero Chairman, President and Chief Executive Officer. “Our simple strategy of striving to be the best operator in the business, investing to drive earnings growth with lower volatility and maintaining capital discipline with an uncompromising focus on shareholder returns has proven to be successful and positions us well for any market environment.”

RefiningThe refining segment reported $1.1 billion of operating income for the third quarter of 2019 compared to $1.4 billion for the third quarter of 2018. The decrease was primarily driven by narrower crude oil discounts to Brent crude oil.

“Fourth quarter market conditions look favorable with improved gasoline and distillate cracks and wider discounts for medium and heavy sour crude oils,” Gorder said. “We expect to see continued product strength with inventories at lower levels and sour crude weakness resulting from the IMO low sulfur fuel oil mandate, which goes into effect on January 1, 2020.”

For earnings history and earnings-related data on Valero Energy (VLO) click here.

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