VLO - Valero Q1 results - refining from good to great

Valero (VLO) reported Q1 results ahead of the US equity market open Tuesday, beating earnings, flagging improved refining results in Q2, pulling forward the delivery date for Port Arthur's DGD expansion, but showing weakness in bio-fuels segments: Earnings - the Company reported Q1 adjusted EPS of $2.31 per share, versus Bloomberg consensus of $1.66. Second quarter - CEO Gorder said, "The fundamentals that drove strong results in the first quarter, particularly in March, continue to provide a positive backdrop for refining margins." Diamond Green - the Company's Diamond Green Diesel JV with Darling (DAR) is now set to deliver its Port Arthur project in Q4 2022, ahead of a previously scheduled delivery date in Q1 2023. Bio-fuels - ethanol and renewable diesel, combined, generated $150m in operating income during Q1, versus $624m in Q4 2021. The refining segment posted ~$1.5b in operating income during the quarter versus ~$1.3b in Q4

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Valero Q1 results - refining from good to great