Pipeline company Valero LP said Monday its fourth-quarter profit rose 36 percent on increased revenue and slightly lower costs.
Net income applicable to limited partners grew to $33 million, or 70 cents per unit, compared with $24.2 million, or 52 cents per unit, during the same period a year ago.
Analysts surveyed by Thomson Financial were expecting fourth-quarter net income of 68 cents per unit.
Valero (nyse: VLO - news - people ) said its total costs and expenses for the quarter fell to $237 million from $238.3 million.
Quarterly revenue rose to $290.7 million, up 2 percent from $286.2 million in the previous year. The results missed Wall Street's estimate of $323.1 million.
Full-year 2006 net income climbed 32 percent to $132.6 million, or $2.83 per unit, from $100.3 million, or $2.86 per unit. The per-unit discrepancy is due to a greater number of shares outstanding in 2006. Also, the company reported a loss on discontinued operations in 2006 of a penny per share versus a gain on discontinued operations of 10 cents per share in 2005.
Revenue for the year surged 72 percent to $1.1 billion versus $659.6 million in the previous year. The company reiterated its first-quarter earnings guidance in a range of 45 cents to 55 cents per unit.
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