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Investing.com — Valero Energy Corporation (NYSE:VLO) announced its earnings for the first quarter on Tuesday. The company’s stock spiked 5.74% following the results.
Revenue trumped expectations of $30.83 billion, coming in at $38.54 billion, helped by a surge in gasoline prices. Meanwhile, net income came in at $2.21 per share compared to the $1.67 predicted.
“We are pleased to report solid financial results for the first quarter, led by a continued recovery in our refining segment,” said Joe Gorder, Valero chairman and CEO. “The fundamentals that drove strong results in the first quarter, particularly in March, continue to provide a positive backdrop for refining margins.”
Valero also accelerated the expected completion of its Diamond Green Diesel project at Port Arthur to the fourth quarter of 2022
In addition, the company said it expects low-carbon fuel policies to continue to expand globally and drive demand for low-carbon fuels.
