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Valero Energy Corporation (NYSE: VLO) reported Q1 2023 revenues of $36.4 billion, beating the consensus of $35.4 billion.
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Operating income rose significantly to $4.0 billion from $1.4 billion a year ago.
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The Refining segment’s operating income rose to $4.1 billion from $1.5 billion a year ago, with throughput volumes averaging 2.9 million barrels daily.
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Operating income at the Renewable Diesel segment came in at $205 million vs. $149 million in the prior year, with sales volumes averaging 3.0 million gallons per day (up +1.3 million Y/Y) on volume addition from the startup of the DGD Port Arthur plant in Q4 2022.
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The Ethanol segment’s operating income was $39 million (vs. $1 million a year ago), with production volumes averaging 4.2 million gallons per day in Q1.
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Adjusted EPS of $8.27 came above the consensus of $7.23.
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Cash flow from operating activities stood at $3.2 billion in Q1, a significant increase from $588 million a year ago.
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Capital investment was $524 million in Q1 compared to $843 million a year ago.
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Valero’s cash and cash equivalent stood at $5.5 billion at the end-Q1. It reduced its debt by $199 million to $9.0 billion in the quarter.
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In Q1, Valero repurchased shares worth $1.5 billion and paid dividends worth $379 million. The company has increased its quarterly dividend per share to $1.02 in January 2023.
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Valero completed the Port Arthur Coker project in March and started operations this month.
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Price Action: VLO shares are trading higher by 0.31% at $117.00 on the last check Thursday.
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This article Valero Q1 Earnings Top Estimates, Repurchased $1.5B Worth Shares originally appeared on Benzinga.com
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