Valero Energy Corp. (VLO) reported first-quarter net income attributable to stockholders of $654 million, or $1.18 per share, compared to a net loss of $432 million, or $0.78 per share, last year. The company's prior year quarter included a noncash asset impairment loss of $605 million after taxes, or $1.09 per share, predominately related to the Aruba refinery. Operating revenues decreased to $33.47 billion from $35.17 billion last year.
Operating income was $1.1 billion for the quarter. Excluding the noncash asset impairment loss from the first quarter of prior year, operating income increased approximately $700 million year-over-year, primarily due to higher refining throughput margins in each of Valero's operating regions, except the U.S. West Coast. The increase in refining throughput margins was mainly due to an increase in margins for diesel and jet fuel and wider discounts on crude oil and feedstocks, the company said.
On average, 19 analysts polled by Thomson Reuters expected the company to report profit of $0.98 per share for the quarter. Analysts' estimates typically exclude special items. Analysts expected revenue of $30.41 billion for the quarter.
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