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Valero Energy Q1 profit climbs 12.6% YOY

Valero Energy Corp. said its first-quarter normalized net income was $1.71 per share, compared with the S&P Capital IQ consensus estimate of $1.67 per share.

EPS rose 17.0% year over year from $1.46.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $882.3 million, a gain of 12.6% from $783.3 million in the year-earlier period.

The normalized profit margin climbed to 4.4% from 2.3% in the year-earlier period.

Total revenue declined 36.6% year over year to $21.33 billion from $33.66 billion, and total operating expenses decreased 38.6% on an annual basis to $19.84 billion from $32.31 billion.

Reported net income grew 16.3% year over year to $964.0 million, or $1.87 per share, from $829.0 million, or $1.55 per share.