Boiler Room: The Official Stock Market Discussion

Serious

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www.cnbc.com

Deutsche Bank logs ninth straight quarter of profit with big earnings beat

Deutsche Bank on Wednesday reported a net income of 1.115 billion euros for the third quarter.
www.cnbc.com www.cnbc.com
  • Analysts had predicted a net profit of 827 million euros, according to data from Refinitiv.
  • “We have significantly improved Deutsche Bank’s earnings power and we are well on track to meet our 2022 goals,” Christian Sewing, chief executive officer of Deutsche Bank, said in a statement.
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The bank said these reflected a “more challenging macroeconomic forecasts.”
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Credit Suisse has earning coming up later this week I believe. That should be interesting,
 
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www.reuters.com

Valero kicks off U.S. refiners earnings season with bumper profit

Refiner Valero Energy Corp reported a bumper third-quarter profit that zoomed past Wall Street estimates on Tuesday, as margins were boosted by demand for fuel and refined products.
www.reuters.com www.reuters.com
2 minute readOctober 25, 20229:52 AM PDTLast Updated 14 hours ago

Valero kicks off U.S. refiners earnings season with bumper profit​

By Arunima Kumar

Oct 25 (Reuters) - Refiner Valero Energy Corp (VLO.N) reported a bumper third-quarter profit that zoomed past Wall Street estimates on Tuesday, as margins were boosted by demand for fuel and refined products.
"Product demand across our system remains strong, with gasoline and diesel demand higher than pre-pandemic levels, and jet fuel demand steadily approaching 2019 levels," Chief Executive Officer Joe Gorder said on a post earnings call.
Reuters Graphics


U.S. refineries have operated this year at record levels due to plant closings, quick recovery of domestic demand and strong export demand over Russia's invasion of Ukraine.

​

Valero's refinery utilization rate - the amount of oil processed compared to a plant's rated capacity - was 95% in the reported quarter, compared with last year's 91%.
San Antonio, Texas-based Valero's total refinery throughput volumes averaged 3 million barrels per day (bpd) in the quarter, which was 141,000 bpd higher than last year.

​

Despite high refinery utilization rates, global product supply remains constrained due to roughly 4 million bpd of global refining capacity being taken permanently off-line since 2020 for a variety of reasons, including unfavorable economics or as part of planned conversions to produce low carbon fuels, Gorder added.

Valero, the first major U.S. refiner to post results for the quarter, said refining margin more than doubled to $5.90 billion, from a year earlier and added it continues to maximize refining utilization.

Net income attributable to the company's stockholders was $2.82 billion, or $7.19 per share, for the three months ended September 30, compared with $463 million, or $1.13 per share, a year earlier.

Excluding items, Valero posted a profit of $7.14 per share, beating analysts' average estimate of $6.85 per share, according to Refinitiv.
The bullish results could bode well when other major refiners, including Marathon Petroleum (MPC.N) and Phillips 66 (PSX.N)
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XLE :wow:

Chevron and Exxon report on Friday :whew:
 
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