VLO: Valero Energy Corp. Message Board

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Gold/Mining/Energy : VLO: Valero Energy Corp.

VLO 175.61

-0.2%

Nov 7 9:30 AM EST

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To: Dennis Roth who wrote (263)	4/14/2008 1:47:48 PM
From: DELT1970	of 299

Adjusting 1Q08 Estimate for Guidance Summary and Recommendation from Friedman Billings Ramsey "Following Valero's March 24 announcement that it expects 1Q08 operating EPS to range between $0.10 and $0.35, we are lowering our first-quarter EPS estimate from $0.70 to $0.30. This change reduces our full-year 2008 estimate from $7.00 to $6.60. We believe the stock (down more than 30% year to date) already reflects 1Q08 results and has potential upside as margins improve heading into summer driving season. Key Points • Lowering expectations. Valero's press release cites multiple factors that negatively impacted 1Q08 results, the largest having been unplanned outages, which reduced the company's throughput margins by an estimated $400 million."

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