Valero's Q3 Earnings Reflect Tough Market Conditions, but Should Improve Over Time
Valero’s third-quarter earnings fell sharply from a year ago as the firm continued to grapple with the same three issues that have plagued it all year long: weak product margins, narrow crude spreads, and high renewable fuel compliance costs. Adjusted earnings fell to $571 million from $1.4 billion a year ago as the aforementioned factors reduced refining operating income by over half, offsetting a trebling of ethanol operating income. Our fair value estimate and moat rating remain unchanged.W...
Valero Energy is an international manufacturer and marketer of transportation fuels and petrochemical products. The company's segments include: Refining, which includes its refining operations, the associated marketing activities, and logistics assets that support its refining operations; Ethanol, which includes its ethanol operations, the associated marketing activities, and logistics assets that support its ethanol operations; and Renewable Diesel, which includes the operations of its joint ventture, Diamond Green Diesel Holdings LLC, which owns and operates a renewable diesel plant in Norco, LA.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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