An Earnings Beat: Valero Energy Corporation (VLO - Free Report) reported first quarter income per share of 34 cents, higher than the Zacks Consensus Estimate of 20 cents.
Estimate Revision Trend & Surprise History: Investors should note that the Zacks Consensus Estimate has seen no upward revision and nine downward revisions in the last thirty days.
Nonetheless, Valero has an impressive earnings surprise history. Before posting the earnings beat in Q1, the company delivered positive surprises in all prior four quarters. Overall, the company has a positive earnings surprise of 31% in the trailing four quarters.
Revenues: Valero posted revenues of $24,263 million, beating the Zacks Consensus Estimate of $23,574 million. However, the figure is below the year-ago mark of $26,439 million.
Key Stats: During the quarter, refining throughput volumes were nearly 2.9 million barrels per day (BPD), down by 66,000 BPD from the year-earlier quarter.
By feedstock composition, sweet crude, medium/light sour crude and heavy sour crude accounted for 51.5%, 11.8% and 14.3%, respectively. The remaining volumes came from residuals, other feedstock as well as blendstocks and others.
Refining margin per barrel of throughput decreased to $7.97 per barrel from the year-ago level of $8.65 per barrel.
Zacks Rank: Currently, Valero carries a Zacks Rank #3 (Hold) which is subject to change following the earnings announcement. While things apparently look favorable, it all depends on what sense the just-released report makes to the analysts.
(You can see the complete list of today’s Zacks #1 Rank stocks here)
Check back later for our full write up on this Valero earnings report later!
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