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Valero's Q3 net income falls YOY but beats estimates

Valero Energy Corp. on Oct. 24 reported an adjusted net income attributable to stockholders of the company of $609 million, or $1.48 per share, for the third quarter, down from $856 million, or $2.01 per share, a year ago.

The Texas-based refiner beat the S&P Global Market Intelligence consensus estimate of $1.35 per share.

GAAP net income totaled $639 million, down from $874 million in the prior-year period.

Revenue totaled $27.25 billion, compared to $30.85 billion a year earlier. The refining segment posted a total operating income of $1.09 billion for the quarter, compared to $1.42 billion in the prior-year period.

The ethanol segment reported an operating loss of $43 million, while renewable diesel posted an operating income of $65 million.