Valero Energy Reports Mixed Q1, EPS Misses By $0.12, Revs Up 42% YoY
Apr 26, 2011
Valero Energy (NYSE:VLO) reported Q1 EPS of $0.18, missing the consensus estimate for $0.30 per share. Revenues for the quarter were up 42% year-over-year to $26.31 billion, beating the consensus estimate for $22.29 billion.
"Clearly, the first quarter was a much better start to the year than last year," said Valero Chairman and CEO Bill Klesse. "Our refining system experienced strong margins and turned in solid results despite a heavy maintenance schedule and associated restart delays. We also announced the acquisition of Chevron's Pembroke refinery, marketing, and logistics assets in the United Kingdom and Ireland. These attractively priced assets will improve the competitiveness of our asset portfolio and should be immediately accretive to earnings upon closing in the third quarter."