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Valero Energy Q2 profit falls YOY

Valero Energy Corp. said its normalized net income for the second quarter came to $1.02 per share, compared with the S&P Capital IQ consensus estimate of $1.10 per share.

EPS declined 29.3% year over year from $1.45.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $456.0 million, a decline of 32.9% from $679.8 million in the prior-year period.

The normalized profit margin fell to 2.2% from 3.8% in the year-earlier period.

Total revenue rose 15.2% on an annual basis to $20.87 billion from $18.11 billion, and total operating expenses grew 18.5% from the prior-year period to $20.00 billion from $16.88 billion.

Reported net income declined 32.7% on an annual basis to $548.0 million, or $1.23 per share, from $814.0 million, or $1.73 per share.