The energy giant posted adjusted earnings of $23.90 per share, surpassing the $21.17 consensus forecast from FactSet analysts. Total revenue reached $46.1 billion, significantly higher than the $32.17 billion recorded a year ago and well above the expected $42.71 billion.
In section Market Quotes
Valero Energy Profit Soars on Refining and Renewable Diesel Gains
Valero Energy’s third-quarter net income climbed to $6.99 billion, a massive leap from the $1.07 billion reported during the same period last year. Driven by near-record utilization rates across its refineries and a sharp turnaround in its renewable fuels division, the company comfortably outpaced Wall Street’s earnings and revenue projections.
Chief Executive Officer Lane Riggs attributed the robust results to consistent operations, noting that refineries maintained near-record utilization levels to meet demand for transportation fuels. The refining segment saw operating income jump to $8.8 billion from $1.6 billion. Meanwhile, the renewable diesel business shifted from a $28 million operating loss a year ago to $353 million in operating income this quarter.
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