Valero Energy (VLO) Prelim. Q2 EPS Misses Expectations

Valero Energy (NYSE: VLO) announced that the company expects to report income from continuing operations in the range of $1.10 to $1.25 per share for the second quarter of 2014.

*** The Street sees EPS of $1.39.

Valero's refining segment operating income is expected to be higher in the second quarter of 2014 versus the second quarter of 2013 primarily due to higher throughput volumes, as well as wider discounts on sour crude oil and certain types of North American light crude oil, which offset weaker year-over-year gasoline and distillate margins in most regions. In addition, Valero's ethanol segment operating income is expected to be higher in the second quarter of 2014 versus the second quarter of 2013 mainly due to higher gross margins.

Valero also expects to report a loss from discontinued operations of $63 million, or $0.12 per share, related primarily to a noncash charge associated with recognizing an asset retirement obligation for the Aruba refinery.

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