This week’s roundup of first-quarter financial reports includes San Antonio-based Valero Energy and Cullen/Frost Bankers, which both posted strong results, as well as Tesla, AT&T, Boeing and Halliburton.
Billy Calzada / Staff photographerWelcome back to Earnings Roundup, SA Inc’s weekly summary of the latest financial reports from companies of local interest. Look for it online Monday during quarterly or annual earnings reporting periods.
This week’s roundup of first-quarter financial reports includes San Antonio-based Valero Energy and Cullen/Frost Bankers, as well as Tesla, AT&T, Boeing and Halliburton.Valero Energy Corp.’s first-quarter profit was up more than threefold from first quarter 2022, despite a roughly 5.5 percent drop in revenue, as the company trimmed its cost of sales by nearly $4.8 billion. Valero restarted stock buybacks during the first quarter and reduced its long-term debt by $750 million in February.
“While we are mindful of the uncertain economic environment, demand for domestic air travel remains strong, thus far.” —DALLAS — AT&T Inc. continued to grow its mobile phone and fiber subscriber bases in the first quarter with 424,000 net additions in postpaid phone service and 272,000 net adds in fiber, the company said. That marked 11 consecutive quarters with more than 400,000 net phone adds and 13 consecutive quarters with more than 200,000 net fiber adds.
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