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Valero Energy 4Q net income rises on CST gain

January 29, 2014

NEW YORK (AP) Valero Energy's net income climbed 28 percent in the fourth quarter after the spinoff of its CST Brands unit. The refiner spun off CST in May and recorded a gain of $325 million after it disposed of its remaining interest in the company. CST had operated Valero's gas stations. Net income rose to $1.29 billion , or $2.38 per share, from $1.01 billion , or $1.82 per share. Excluding the proceeds of the CST transaction and other one-time items the company earned $1.78 per share, down from $1.88 per share a year ago. Revenue fell 1 percent, to $34.43 billion from $34.7 billion . The results were in line with the company's guidance from Jan. 22 . Analysts expected Valero to report net income of $1.49 per share and $29.34 billion in revenue, according to FactSet. The company, based in San Antonio, Texas , reported that net income grew 31 percent to $2.72 billion , or $4.97 per share. Revenue fell 1 percent to $138.07 billion . Shares of Valero Energy Corp. rose 80 cents to $75.88 in midday trading.

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Source: Associated Press

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