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Valero Energy Q3 profit climbs 30.1% YOY

Valero Energy Corp. said its normalized net income for the third quarter amounted to $2.60 per share, compared with the S&P Capital IQ consensus estimate of $2.66 per share.

EPS climbed 39.6% year over year from $1.86.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $1.28 billion, a gain of 30.1% from $986.4 million in the year-earlier period.

The normalized profit margin climbed to 6.1% from 2.9% in the year-earlier period.

Total revenue decreased 34.4% on an annual basis to $22.58 billion from $34.41 billion, and total operating expenses decreased 37.6% from the prior-year period to $20.42 billion from $32.74 billion.

Reported net income increased 29.9% from the prior-year period to $1.38 billion, or $2.79 per share, from $1.06 billion, or $2.00 per share.