Valero Energy (VLO) Beats Q3 Earnings And Revenue Estimates
Zacks Investment Research | Oct 23, 2019 11:19PM ET
Valero Energy Corporation (NYSE:VLO) posted third-quarter 2019 income of $1.48 per share, beating the Zacks Consensus Estimate of $1.35. However, quarterly earnings decreased from the year-ago figure of $2.01 per share.
Total revenues fell from $30,849 million in the prior-year period to $27,249 million in the quarter under review. However, the top line surpassed the Zacks Consensus Estimate of $24,594 million.
The better-than-expected results can be attributed to lower total cost of sales and the Diamond Green Diesel plant expansion. However, this was partially offset by narrower crude oil discounts, relative to the Brent Crude benchmark, and higher corn prices.
The company spent $525 million on Central Texas pipelines and terminals, which were completed in the reported quarter.
Valero Energy Corporation Price, Consensus and EPS Surprise
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