Plus   Neg

Valero Energy Q1 Profit Down

Valero Energy Corp. (VLO) reported that its net income attributable to stockholders for the first quarter of 2019 declined to $141 million or $0.34 per share from $469 million or $1.09 per share, for the first quarter of 2018. Excluding adjustments, first quarter 2018 adjusted net income attributable to Valero stockholders was $431 million, or $1.00 per share.

Revenues were $24.26 billion down from $26.44 billion in the prior year.

Analysts polled by Thomson Reuters expected the company to report earnings of $0.29 per share and revenues of $21.54 billion. Analysts' estimates typically exclude special items.

Valero said it continues to target a total payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities for 2019. Valero defines total payout ratio as the sum of dividends and stock buybacks divided by net cash provided by operating activities adjusted for changes in working capital.

Valero continues to expect to invest approximately $2.5 billion of capital in both 2019 and 2020, of which approximately 60 percent is for sustaining the business and approximately 40 percent is for growth projects.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
SiriusXM launched a new subscription package exclusively for college students at a steep discount, just ahead of the fall semester. The satellite-radio giant introduced the "Student Premier" Package that provides students with all the content in SiriusXM's "Premier Streaming" package for $4 per month. This is a 69 percent discount from the regular price of $12.99 per month for Premier Streaming. Apple Inc. warned that its newly launched titanium Apple Card can be easily damaged if not stored properly. The company advised that the card must be kept away from fabrics like leather and denim as they can cause permanent discoloration. The tech giant has posted a support page that provides instructions to users on how to protect and maintain their Apple Card. Southwire Co. LLC recalled about 3000 units of Garvin pop-up electrical outlet floor box kits for concerns of fire hazard. The company said the electrical receptacles can overheat when in use. Southwire already received three reports of the floor boxes overheating. However, there have been no injuries reported so far.
Follow RTT