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4-Traders Homepage  >  Equities  >  Nyse  >  Valero Energy Corporation    VLO

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Valero Energy Corporation : Valero Energy Swings To 1Q Loss On Write-Downs; Revenue Beats Street

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05/01/2012 | 02:46pm CET

Valero Energy Corp. (VLO) swung to a first-quarter loss, due in part to asset write-downs, as the oil refining company's revenue grew more than expected.

The largest independent oil refining company in the U.S. has reported increased revenue in recent quarters as global distillate demand grows despite continuing weakness in the U.S. gasoline market. But Valero had warned in April that its decision to temporarily shut down an Aruba refinery would push its first quarter into the red, though the company still expected to post a profit excluding certain charges.

The refining industry has been grappling with major shifts in fuel demand and in energy production that have wiped out the profitability of such former refining hubs as the U.S. East Coast and the Caribbean. Caribbean refineries in particular lack access to the cheap natural gas, used as feedstock in fuel production, that have helped make U.S. Gulf Coast refineries competitive.

Valero Energy reported a loss of $432 million, or 78 cents a share, compared with a profit of $98 million, or 17 cents, a year earlier. The most-recent quarter included a $1.09 a share write-down charge, while the year-earlier quarter included a 62 cents a share charge on derivative contracts. Its April 16 projection was a loss from continuing operations between 75 cents to 85 cents a share.

Revenue jumped 34% to $35.17 billion, topping the $27.1 billion estimate from analysts polled by Thomson Reuters.

Operating margin swung to negative 0.7% from positive 0.9%.

The refining business swung to an operating loss as the throughput margin per barrel fell to $7.71 from $9.91 a year earlier. The U.S. retail operations saw its operating profit drop 39%.

Shares closed Monday at $24.70 and were inactive premarket. The stock has risen 3% over the past three months.

-By Melodie Warner, Dow Jones Newswires; 212-416-2283; melodie.warner@dowjones.com

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Financials ($)
Sales 2016 71 611 M
EBIT 2016 3 048 M
Net income 2016 2 062 M
Debt 2016 3 565 M
Yield 2016 3,63%
P/E ratio 2016 14,70
P/E ratio 2017 12,61
EV / Sales 2016 0,47x
EV / Sales 2017 0,39x
Capitalization 29 985 M
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 73,5 $
Spread / Average Target 11%
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Managers
NameTitle
Joseph W. Gorder Chairman, President & Chief Executive Officer
R. Lane Riggs EVP-Refining Operations & Engineering
Michael S. Ciskowski Chief Financial Officer & Executive Vice President
Cheryl Thomas Chief Information Officer & Vice President
Susan Kaufman Purcell Independent Non-Employee Director
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