Valero Energy Corp (VLO) released its first quarter results on Friday, April 23, 2021. The company reported net earnings of $-1.73 per share for the first quarter ending March 31, 2021. Earnings for this past quarter were up 62 percent compared to the same period a year ago.
Valero Energy Corporation was founded in 1980 and is headquartered in San Antonio, Texas. Valero Energy Corporation manufactures, markets, and sells transportation fuels and petrochemical products in the United States, Canada, the United Kingdom, Ireland, and internationally. It operates through three segments: Refining, Renewable Diesel, and Ethanol.
Valero Energy's revenue decreased 40 percent over the past trailing twelve-month period versus the previous twelve-month period. Gross margins increased to 0.76% for the first quarter compared to the same period in the previous year, and operating margins increased to 3.2% over the same period. Net earnings for past trailing twelve months were $-280.0 million, down 166% from the prior year.
Moving on to the balance sheet, Valero Energy’s cash levels jumped 49% for the third quarter over the same period last year. Overall liquidity of the balance sheet, as measured by the current ratio, increased 8.86% this past year. The current ratio for Valero Energy now stands at 1.43. The company decreased shares outstanding by 0.22%.
Shares of VLO are currently trading around $70.18. In terms of valuation, the stock is trading at a price to book ratio of 1.6.