Valero Energy Stock Up on Positive Second Quarter Earnings Results
From Fnno.com, you're watching the Financial News Network. Valero Energy (NYSE:VLO) seeing a boost in today's trading after announcing its second quarter results. The company posted a profit of $831 million or $1.50 per share, up 11.7 percent from the previous quarter. Revenue also increased 10.8% to 34.7 billion. Both earnings and revenue beat estimates.
Valero Energy said the higher earnings is due to expanding its fuel-making operation in the United Kingdom. The oil refiner also said it plans to split off its retail gasoline business to position both companies to focus on "industry-specific strategies."
Valero's stock is surging into afternoon trading, its shares up over 6% to $27.76. For more financial news and analysis, follow us on Twitter @FNNOnline, or check out our website at fnno.com