Valero 1Q profit down but beats analysts’ expectations

Valero Energy Corp. profit plummeted in the first quarter but still managed to beat Wall Street expectations. The San Antonio refiner said Thursday that net income fell more than 59% to $1.25 billion in the first three months of the year, down from $3.07 billion in the same period last year. Per-share earnings were $3.75, topping the $3.18 average estimate of five analysts surveyed by Zacks Investment Research. Revenue missed expectations, though, falling to $31.76 billion from $36.44 billion.

4% decline. Total average daily yields — including gasoline, blendstocks, distillates and other products — were down to 2.78 million barrels per day from 2.95 million barrels per day. Its much smaller renewable diesel and ethanol segments also saw declines in revenue — to $1.41 billion from $1.68 billion and to $909 million from $1.32 billion, respectively. Both segments, however, increased production.

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