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Stock impact report

Oil refiner Valero Energy warns of net loss for Q1, gives downbeat revenue outlook [MarketWatch]

Valero Energy Corporation (VLO) 
Last valero energy corporation earnings: 4/29 06:30 am Check Earnings Report
US:NYSE Investor Relations: investorvalero.com
Company Research Source: MarketWatch
Shares of Valero Energy Corp. fell 0.5% in afternoon trading Monday, but pared earlier losses of as much as 2.3%, after the petroleum refiner warned of an adjusted first-quarter loss and revenue miss, citing the effects of the COVID-19 pandemic on the economy, and therefore the demand for fuel. The company said it now expects a net loss of $2.10 billion to $1.83 billion. On an adjusted basis, excluding non-recurring items, the company expects a loss of $200 million to income of $160 million. The FactSet consensus is for net income of $14.5 million and adjusted net income of $179.5 million. Valero expects revenue of $20.10 billion to $22.20 billion, below the FactSet consensus of $20.27 billion. The company said actions taken to prevent the spread of the novel coronavirus has resulted in airlines cutting back on flights and a drop in motor vehicle use at a time when consumer demand for gasoline typically increases. "As a result, there has also been a decline in the demand for, and thus Show less Read more
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