Courtesy of Benzinga.
Valero Energy (NYSE: VLO) shares fell as much as four percent in after-hours action when the company said second-quarter earnings will be below the Wall Street consensus.
Valero expects earnings from continuing operations of $1.10 to $1.25 per share, versus analysts expectation of $1.39 per share.
The company will post a loss from discontinued operations of $63 million, or $0.12 per share, because of a charge related to its Aruba refinery.
Refining segment operating income is expected to be higher in the second quarter versus a year earlier due to higher volumes, as well as discounts on sour crude oil and certain types of North American light crude oil. These factors offset weaker gasoline and distillate margins.
In addition, Valero's ethanol segment operating income is expected to be higher on wider gross margins.
Valero traded recently at $49.93 per share, down nearly 3.06 percent.
Posted-In: News Guidance After-Hours Center
