Valero Energy shares edge higher on better-than-expected results

SAN ANTONIO - Valero Energy Corporation (NYSE:VLO ) reported better-than-expected third quarter results on Thursday, as the refiner topped analyst estimates for both earnings and revenue. Shares were up 0.98% following the announcement.

The company posted adjusted earnings of $1.14 per share, exceeding the consensus forecast of $0.98 per share. Revenue came in at $38.88 billion, well above expectations of $31.17 billion.

Valero's refining segment reported operating income of $565 million for the quarter, down significantly from $3.4 billion in the same period last year. The company said refining throughput volumes averaged 2.9 million barrels per day during a period of heavy maintenance activities.

"Our focus on operational excellence, capital discipline and honoring our commitment to shareholder returns has served us well through multiple commodity cycles and will continue to anchor our strategy going forward," said Lane Riggs, Valero's Chief Executive Officer and President.

The renewable diesel segment, which consists of the Diamond Green Diesel joint venture, saw operating income fall to $35 million from $123 million a year ago. Ethanol segment operating income declined to $153 million from $197 million.

Valero returned $907 million to stockholders through dividends and share repurchases during the quarter. The company maintained its quarterly dividend of $1.07 per share.

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Source: Investing.com