Valero Energy Q3 revenue, adjusted EPS beat after near-record refinery utilization
VLO•Valero Energy reported third-quarter revenue of $46.10 billion and adjusted EPS of $23.90, beating analyst estimates of $38.85 billion and $21.07, respectively. The company credited near-record refinery utilization and higher-value product output for the results.
1. Results beat estimates
Valero Energy’s third-quarter revenue was $46.10 billion, compared with the $38.85 billion analyst consensus, while adjusted EPS of $23.90 topped the $21.07 consensus.
2. Operating drivers
The company said its refineries operated at near-record utilization rates. Completion of a St. Charles FCC Unit optimization project increased production capacity for higher-value products, including alkylate and gasoline. Renewable Diesel swung to operating income of $353 million from a loss a year earlier, supported by higher sales volumes.
