Valero releases quarterly results with net income of $674M

In Texas, Valero has released its quarterly financial results with a net income of $674M. That represents a $0.90 drop per share to $1.21. According to Mike Ciskowski, Valero chief financial officer, the operating loss for the ethanol segment is attributed primarily to lower gross margins. High corn prices and excess ethanol inventories squeezed the margins to very low levels, he said during a call to discuss the quarterly results. Valero will have to decide whether the two idled facilities will be shut down for the winter season.