Valero Energy Corporation (VLO) has reported a 23.15 percent rise in profit for the quarter ended Dec. 31, 2016. The company has earned $367 million, or $0.81 a share in the quarter, compared with $298 million, or $0.62 a share for the same period last year. On the other hand, adjusted net income for the quarter stood at $367 million, or $0.81 a share compared with $862 million or $1.79 a share, a year ago.
Revenue during the quarter grew 10.31 percent to $20,712 million from $18,777 million in the previous year period. Gross margin for the quarter contracted 93 basis points over the previous year period to 11.64 percent. Total expenses were 97.01 percent of quarterly revenues, up from 96.56 percent for the same period last year. That has resulted in a contraction of 45 basis points in operating margin to 2.99 percent.
Operating income for the quarter was $620 million, compared with $646 million in the previous year period.
“Domestic refined product demand remained strong and we exported 359,000 barrels per day of gasoline and diesel combined during the fourth quarter,” said Joe Gorder, Valero chairman, president and chief executive officer. “Looking ahead, we expect an improving economy and relatively low crude oil and refined product prices to support consumer demand growth.”
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