Valero Energy second-quarter profit increases 26 percent
Valero Energy Corp. (VLO) on Wednesday reported earnings that climbed by 26 percent in its second quarter, and fell short of analysts' expectations.
The San Antonio-based company said net income increased to $588 million, or $1.10 per share, from $466 million, or 85 cents per share, in the same quarter a year ago.
Earnings, adjusted to account for discontinued operations, were $1.22 per share. The average estimate of analysts surveyed by Zacks Investment Research was for earnings of $1.25 per share.
The oil refiner said revenue rose 2.6 percent to $34.91 billion from $34.03 billion in the same quarter a year earlier.
Valero Energy shares have fallen 55 cents, or 1.1 percent, to $49.85 since the beginning of the year, while the Standard & Poor's 500 index has risen 6.6 percent. However, the stock has risen $14.32, or 40 percent, in the last 12 months.
This story was generated automatically by Automated Insights (http://automatedinsights.com/ap) using data from Zacks Investment Research. Full VLO report: http://www.zacks.com/ap/VLO
Keywords:Valero Energy,Earnings Report