Valero Energy Corp. said its first-quarter normalized net income amounted to 56 cents per share, compared with the S&P Capital IQ consensus estimate of 60 cents per share.
EPS declined 39.3% year over year from 93 cents.
Normalized net income, which excludes unusual gains or losses on a pre- and after-tax basis, was $254.6 million, a decline of 41.9% from $438.3 million in the prior-year period.
The normalized profit margin dropped to 1.2% from 3.1% in the year-earlier period.
Total revenue rose 43.2% on an annual basis to $20.50 billion from $14.32 billion, and total operating expenses grew 48.0% from the prior-year period to $19.96 billion from $13.49 billion.
Reported net income decreased 38.4% year over year to $305.0 million, or 68 cents per share, from $495.0 million, or $1.05 per share.