Valero Energy
The largest independent petroleum refiner in the U.S. said Tuesday it lost nearly $500 million in the third quarter as it was caught between a rise in oil prices and a slump in American travel.
The recession has forced companies to slash travel budgets, and so many workers have lost jobs that demand for gasoline and jet fuel has fallen sharply.
Valero reported a loss of $489 million, or 87 cents per share, for the three months that ended in September. That compares with a profit of $1.2 billion, or $2.18 per share, in the third quarter of last year.
Visa
A profit for its fiscal fourth quarter reversed a year-ago loss, as cost reductions and growing debit- card use made up for a decline in payment volume reflecting consumer-spending cutbacks.
The payments processor reported a profit of $514 million, or 69 cents per share, on revenue of $1.87 billion. Adjusting for restructuring charges and other items, the company said it earned 74 cents per share.
That compares with a year-ago loss of $356 million, or 45 cents per share, on revenue of $1.71 billion. Analysts polled by Thomson Reuters, on average, expected Visa to post a profit of 72 cents per share.
U.S. Steel
A third straight quarterly loss came as the global economic downturn dragged down demand for the metal used in everything from cars to office furniture.
The largest U.S.-based steelmaker said it lost $303 million, or $2.11 per share, for the three months ended Sept. 30. That compares with a profit of $919 million, or $7.79 per share, in the year-earlier period. Revenue tumbled 61 percent to $2.82 billion.
IAC/InterActiveCorp
Asset sales helped the company profit in the third quarter while advertising revenue continued to slump.
Counting one-time events such as a large gain on a stock sale and the sale of Match’s European operations, IAC earned $21.7 million, or 16 cents per share, on $337 million in revenue. In the same period a year ago, it lost $14.8 million, or 11 cents per share.
BP
Europe’s second-largest oil company reported a 34 percent fall in third-quarter profits to $5.3 billion — better than markets expected — as oil and gas prices fell from record levels a year earlier.
