Valero Offers Q2 Interim Update, Sees Q2 GAAP EPS $0.80-0.90, Adj. EPS $0.85-0.95
Valero Energy Corporation (NYSE: VLO) announced today that the company expects to report net income attributable to Valero stockholders in the range of $0.80 to $0.90 per share for the second quarter of 2013. Included in this estimate are after-tax charges of approximately $29 million, or $0.05 per share, related to costs incurred in connection with the May 1 spinoff to Valero's shareholders of CST Brands. Also included in this estimate are charges of approximately $52 million ($34 million after taxes) related to environmental and legal matters, and those charges will be reflected in general and administrative expenses.
The second quarter 2013 refining segment earnings are estimated to decrease versus the second quarter of 2012, primarily due to significantly lower discounts for heavy sour crude oil, higher natural gas costs, higher costs to comply with the Renewable Fuels Standard, and turnaround and maintenance activity at the Quebec City, McKee, Meraux, and Port Arthur refineries.
As a reminder, Valero management will host a conference call on July 23, 2013 at 10:00 a.m. CT to discuss second quarter earnings results, which will be released earlier that day, and provide an update on company operations. Persons interested in listening to the presentation live via the internet may log on to Valero's web site at www.valero.com.
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