Valero Energy Tops Q2 Estimates
Portfolio Pulse from Lekha Gupta
Valero Energy Corp reported Q2 2023 revenues of $34.5 billion, beating the consensus of $34.37 billion. However, operating income fell significantly to $2.8 billion from $6.2 billion a year ago. The company repurchased shares worth $951 million and paid dividends worth $367 million. The company's cash and equivalents stood at $5.1 billion at the end of Q2. VLO shares are trading lower by 0.74% at $125.25.
July 27, 2023 | 2:15 pm
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Valero Energy reported higher than expected Q2 revenues but a significant drop in operating income. The company also repurchased shares and paid dividends.
Despite beating revenue estimates, Valero Energy saw a significant drop in operating income, which could be a concern for investors. This, along with the overall market sentiment, could be the reason for the drop in the company's share price.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100