Valero Energy Q3 Profit Rises

(RTTNews) - Valero Energy Corp. (VLO) reported net income attributable to stockholders of $856 million, or $2.01 per share, for the third quarter of 2018 compared to $841 million, or $1.91 per share, for the third quarter of 2017.

Revenues were $30.85 billion up from $23.56 billion last year.

Analysts polled by Thomson Reuters expected the company to report earnings of $1.95 per share and revenues of $28.22 billion. Analysts' estimates typically exclude special items.

The company said it continues to target a total payout ratio between 40 and 50 percent of adjusted net cash provided by operating activities for 2018. Valero defines total payout ratio as the sum of dividends and stock buybacks divided by adjusted net cash provided by operating activities.