UPDATE: Valero Reports Downbeat Q2 Profit; Shares Drop In Pre-Market Trading

Valero Energy Corp VLO reported a rise in its second-quarter net income. Valero's quarterly net income surged to $744 million, or $1.30 per share, from $583 million, or $1.03 per share, in the year-earlier period. Income from continuing operations gained to $1.30 per share from $0.92 per share. Valero's operating income increased to $1.3 billion from $904 million. Valero's revenue climbed to $31.3 billion from $20.6 billion. Analysts were expecting earnings of $1.45 per share on revenue of $29.1 billion. Valero shares dropped 1.76% to $26.21 in pre-market trading.