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Valero Energy Q2 profit climbs 96.8% YOY

Valero Energy Corp. said its second-quarter normalized net income came to $2.40 per share, compared with the S&P Capital IQ consensus estimate of $2.41 per share.

EPS increased 106.9% year over year from $1.16.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.22 billion, a gain of 96.8% from $619.4 million in the prior-year period.

The normalized profit margin increased to 5.2% from 1.8% in the year-earlier period.

Total revenue decreased 28.1% year over year to $25.12 billion from $34.91 billion, and total operating expenses declined 31.9% from the prior-year period to $23.04 billion from $33.83 billion.

Reported net income grew 107.4% on an annual basis to $1.35 billion, or $2.66 per share, from $651.5 million, or $1.22 per share.