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Valero Energy profit misses consensus by 19.3% in Q4

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Valero Energy profit misses consensus by 19.3% in Q4

Valero Energy Corp. said its fourth-quarter normalized net income was 62 cents per share, compared with the S&P Capital IQ consensus estimate of 77 cents per share.

EPS increased 21.2% year over year from 51 cents.

Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $281.6 million, an increase of 14.1% from $246.8 million in the prior-year period.

The normalized profit margin rose to 1.4% from 1.4% in the year-earlier period.

Total revenue grew 12.8% on an annual basis to $19.48 billion from $17.27 billion, and total operating expenses grew 13.4% on an annual basis to $18.86 billion from $16.63 billion.

Reported net income increased 23.2% from the prior-year period to $367.0 million, or 81 cents per share, from $298.0 million, or 62 cents per share.

For the year, the company's normalized net income totaled $4.01 per share, compared with the S&P Capital IQ consensus normalized EPS estimate of $3.68.

EPS declined from $7.24 in the prior year.

Normalized net income was $1.86 billion, a decrease from $3.62 billion in the prior year.

Full-year total revenue decreased from the prior-year period to $70.17 billion from $81.82 billion, and total operating expenses decreased on an annual basis to $66.59 billion from $75.47 billion.

The company said reported net income fell on an annual basis to $2.29 billion, or $4.93 per share, in the full year, from $3.99 billion, or $7.98 per share.