Analog chipmaker Texas Instruments forecasts third-quarter revenue above estimates
The company expects revenue in the range of $4.45 billion to $4.80 billion for the third quarter, compared with analysts' average estimate of $4.59 billion, according to data compiled by LSEG.
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Reuters
22 minutes ago
- Reuters
Valero beats estimates as refining margins offset renewable diesel loss
July 24 (Reuters) - Refiner Valero Energy (VLO.N), opens new tab beat Wall Street estimates for second-quarter earnings on Thursday, despite reporting lower profits from the previous year, as a rebound in refining margins helped cushion losses in the renewable diesel segment. Its shares were down around 4% at noon. The first major refiner to post results this earnings season, Valero reported a profit of $2.28 per share for the second quarter, down from $2.71 per share for the same period a year ago but beating analysts' average estimates for $1.74 per share. The renewable diesel segment, consisting of the Diamond Green Diesel joint venture, reported an operating loss of $79 million for the quarter, compared with a profit of $112 million a year ago. Operating losses from the renewable diesel operations remain small relative to the profits generated by the refining segment, said Stewart Glickman, energy equity analyst at CFRA Research. For the second quarter, the refining segment reported quarterly operating income of $1.3 billion, up from last year's $1.2 billion, boosted by higher margins. Refining margin per barrel of throughput was up at $12.35 in the second quarter, compared with $11.14 from a year earlier, the San Antonio, Texas-based refiner said. "We set a record for refining throughput rate in our U.S. Gulf Coast region in the second quarter," said CEO Lane Riggs. Valero said it plans to operate refineries up to 94% of combined total capacity in Q3 2025. The pending closure of its Benicia refinery near San Francisco in April next year will remove around 5% of its refining capacity and 9% of California's crude oil capacity. Reuters reported this week the California government is trying to find a buyer for the Benicia refinery. "There's a genuine desire for [the California government officials] to avoid the refinery closure, but there's no solutions that have materialized, at least not from our perspective," said Rich Walsh, general counsel at Valero. "Nothing has changed in our plans."
The Independent
an hour ago
- The Independent
Why Tesla shares fell as Musk issues warning
Tesla shares fell after CEO Elon Musk warned of The electric vehicle maker reported a 12 per cent drop in revenue and a 16 per cent fall in profit, facing increased competition and the impact of Musk's political affiliations. Tesla's financial challenges include the loss of a $7,500 EV tax credit, reduced income from regulatory credits, and hundreds of millions in costs due to tariffs imposed by Donald Trump. Musk indicated a strategic shift towards self-driving taxis, automated driving software, and robotics, rather than focusing primarily on car sales. The company began rolling out its paid robo-taxi service in Austin, Texas, in June, with plans to expand to other cities soon
Daily Mail
an hour ago
- Daily Mail
Trump fires back at reports he's trying to destroy Musk's companies
President Donald Trump shot back at reports that he will try to destroy the companies of former best friend Elon Musk, clarifying his intent when it comes to the world's richest man. Trump had previously threatened to take away the billions in government contracts that Musk's various companies hold. The duo had a very public fallout over Trump's one big beautiful bill, which resulted in each man making threats against the other But the president now says he wants Musk to 'thrive.' 'Everyone is stating that I will destroy Elon's companies by taking away some, if not all, of the large scale subsidies he receives from the U.S. Government. This is not so!,' the president wrote on Truth Social. 'I want Elon, and all businesses within our Country, to THRIVE, in fact, THRIVE like never before! The better they do, the better the USA does, and that's good for all of us,' Trump wrote. The clarification came after White House press secretary Karoline Leavitt was asked in her briefing on Wednesday if Trump supports federal agencies contracting with Musk's artificial intelligence company, xAI. 'I don't think so, no,' she replied and then added she would speak to the president about the matter. xAI won a contract for up to $200 million with the Department of Defense, alongside Anthropic, Google and OpenAI, last week. Additionally, this week, xAI unveiled a suite of products for U.S. government customers, which it refers to as Grok for Government. Trump and Musk have had a hot and cold relationship since the Tesla founder left government service in May. After his departure, Musk publicly turned on Trump's signature bill, complaining it would increase the country's debt and undo much of the savings his Department of Government Efficiency had sought. Trump was furious at Musk's public criticism and, at one point, responded: 'The easiest way to save money in our Budget, Billions and Billions of Dollars, is to terminate Elon's Governmental Subsidies and Contracts.' 'We might have to put DOGE on Elon. You know what DOGE is? DOGE is the monster that might have to go back and eat Elon,' Trump added. Musk, for his part, threatened to start a third political party to go after Republican candidates and posted on his X account that the reason the Jeffrey Epstein files hadn't been released because Trump is in them. He later took that post down.
