Valero Posts Loss as Fuel Demand Drops
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Bloomberg News
Valero Energy Corp. had a first-quarter loss of $38.6 million, missing analysts’ estimates as warm weather and reduced travel trimmed demand for fuels.
The loss was 37 cents a share, contrasted with net income of $136.1 million, or $2.13, a year earlier. Revenue rose 36% to $5.12 billion on increased production after an acquisition.
Valero was expected to lose 9cents a share. Shares of the San Antonio-based refiner fell $2.14 to $43.16 on the NYSE.
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