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.
