Valero's Impressive Q1 Results Show Resiliency

As companies start to announce quarterly earnings, investors can see just how much the economic downturn has affected business. San Antonio, Texas-based refiner Valero (NYSE: VLO) shows it is taking the downturn in stride with its first-quarter earnings announcement. Investors may have even more good news to look forward to in Q2, though.  

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Valero's first-quarter revenue fell 8.9% year over year. Thanks to a non-cash charge of $2.5 billion that the company took for inventory valuations -- when the price of oil plunged, so did the on-paper value of the company's inventory on its books -- it ended the quarter with a net loss of $1.8 billion. 

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Source Fool.com