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Valero Energy Q3 profit climbs 69.4% YOY

Valero Energy Corp. said its normalized net income for the third quarter amounted to $1.77 per share, compared with the S&P Capital IQ consensus estimate of $1.83 per share.

EPS increased 76.7% year over year from $1.00.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $781.1 million, an increase of 69.4% from $461.1 million in the prior-year period.

The normalized profit margin climbed to 3.5% from 2.5% in the year-earlier period.

Total revenue climbed 21.2% on an annual basis to $22.11 billion from $18.25 billion, and total operating expenses increased 19.4% from the prior-year period to $20.73 billion from $17.36 billion.

Reported net income grew 37.2% year over year to $841.0 million, or $1.91 per share, from $613.0 million, or $1.33 per share.