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.