Valero Energy’s profit jumps 30 percent

SAN ANTONIO — Valero Energy Corp.’s net income soared 30 percent percent in the third quarter, to $1.38 billion, compared with $1.06 billion for the year-earlier period, the company said Wednesday.

Valero’s quarterly earnings per share of $2.79 beat analysts’ estimates, as polled by Bloomberg, that the refiner would earn $2.67 a share. For the same quarter a year ago, Valero earned $2 a share.

Valero, the nation’s largest refiner, attributed the higher net income mostly to higher margins in its refining segment and healthy demand.

Valero’s board has approved a 25 percent increase in the company’s regular quarterly cash dividend to 50 cents a share from 40 cents, effective Dec. 17 to holders of record on Nov. 23.