Shares of Valero Energy Corporation (NYSE: VLO), an independent petroleum refining and marketing company, have surged in early trading today after the company reported its fourth-quarter financial results.
For the fourth quarter of 2012, VLO reported net income of $1 billion, or $1.82 per share, compared to $45 million, or $0.08 per share reported for the same period in the previous year. The company’s operating income for the fourth quarter was $1.6 billion, compared to $167 million reported for the same period in the previous year. The increase in operating income was mainly due to higher refining throughput margins in each of the company’s region as well as due to increase in discounts for medium sour, heavy sour, and domestic light crude oils.
Bill Klesse, Chairman and CEO of Valero Energy, said that this was VLO’s best fourth-quarter earnings per share since 2005, and the company made important progress on its strategic goals. Klesse further said that in the fourth quarter, the company had a smooth start-up of its new hydrocracker at the Port Arthur refinery.
At last check, VLO shares were trading 8.37% higher at $42.06 on volume of 7.28 million. The stock hit a 52-week high of $42.95 earlier in the day.
Shares of Gentex Corporation (NASDAQ: GNTX), a supplier of automatic-dimming rear-view mirrors and camera-based lighting-assist features to the global automotive industry, are climbing in early trading today after the company reported its fourth-quarter financial results.
For the fourth quarter ended December 31, 2012, the Zeeland, Michigan-based company reported net sales of $260.3 million, flat from the same period in the previous year. For the full year, the company’s net sales rose 7% to $1.1 billion. The company’s gross margin for the quarter was 34.2%, compared to 33.6% reported in the previous quarter. Earnings per share for the fourth quarter were $0.28.
Fred Bauer, Chairman and CEO of Gentex, said that the company is demonstrating continued positive efficiencies it is experiencing within its operating expenses. Bauer further said that the entire management at GNTX has been actively working on cost-reduction initiatives and the company is pleased with the results to date.
GNTX shares rose to an intra-day high of $20.11 in early trading today. At last check, the stock was trading 5.35% higher at $19.68 on above average volume of 1.48 million.
Shares of Pfizer Inc. (NYSE: PFE), a biopharmaceutical company, have risen sharply in early trading today after the company reported better-than-expected fourth-quarter earnings.
For the fourth quarter, PFE reported a profit of $6.3 billion, or $0.85 per share, compared to $1.4 billion, or $0.19 per share reported for the same period in the previous year. Excluding one-time items, PFE reported a profit of $0.47 per share, beating analysts’ estimate of $0.44 per share. The company’s revenue for the quarter was $15.07 billion, down 7% over the same period in the previous year. Analysts were expecting the company to report revenue of $14.4 billion for the fourth quarter.
PFE shares rose to a 52-week high of $27.52 in early trading today. At last check, the stock was trading 2.45% higher at $27.50 on volume of 15.05 million.
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