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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