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Valero Energy beats expectations with its 4Q 2014 earnings


Dec. 4 2020, Updated 10:52 a.m. ET

4Q 2014 Earnings overview

Valero Energy (VLO) released its fourth quarter earnings on January 29. The company reported a net income of $1.2 billion, or $2.22 per share, in 4Q 2014 compared to $1.3 billion, or $2.38 per share, in 4Q 2013. After adjusting for special items, Valero’s net income was $952 million, or $1.83 per share, in 4Q 2014 compared to $963 million, or $1.78 per share, in 4Q 2013.

Valero’s results beat market expectations. Wall Street analysts had forecasted earnings of ~$1.33 on a revenue of ~$26.3 billion.

Valero accredited its fourth-quarter earnings to higher product margins, which helped offset sinking oil prices.

Valero’s Chief Executive, Joe Gorder, said, “We showed the earnings power from Valero’s advantaged and flexible system during a rapidly changing energy landscape.” We talk more about this “advantage” in the following parts of this series.

Revenue for the fourth quarter fell 19% to $27.86 billion year-over-year. It declined by 6% annually.

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Operational performance

In the following part of this series, we take a look at Valero’s operational performance in 4Q 2014.

Key ETFs

Valero makes up almost 3% of the Energy Select Sector SPDR ETF (XLE) and has a weight of 1.27% in the SPDR S&P Oil & Gas Exploration & Production ETF (XOP). For investors seeking more diversified exposure to the energy sector, XLE or XOP would be the way to go. Valero is also a component of the SPDR S&P 500 ETF (SPY) as well as the Vanguard Energy ETF (VDE).


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