Office Depot; US Steel; Valero
Office Depot, the world's #2 office-supplies retailer,
said Q1 profit fell 54% on lower sales after companies in the U.S. and Canada spent less on desks and copiers.
Revenue -3.2% on falling sales with small businesses in California and Florida, faced with a declining job market and tighter credit, reined in purchases.
United States Steel, reported Q1 net income slid 14% despite high steel prices as profit margins narrowed.
Gross margin fell to 10.6% from 15.4%. Income from European operations, which had been strong in recent quarters, fell 22%.
Valero Energy, the nation's largest oil refiner, despite revenue soaring +49%;
reported a 77% plunge in Q1 net income as tight margins and outages at several plants hit its bottom line.
Refining income fell 68%, as throughput margin per barrel slid 30% and volume declined 5%.
Non vertically integrated firms, like Valero, that don't have crude oil producing operations usually...
do poorly when supply is ample and demand is weak, like in the current environment.
Again, so much for that debunked urban myth, the Peak Oil Boogeyman.
said Q1 profit fell 54% on lower sales after companies in the U.S. and Canada spent less on desks and copiers.
Revenue -3.2% on falling sales with small businesses in California and Florida, faced with a declining job market and tighter credit, reined in purchases.
United States Steel, reported Q1 net income slid 14% despite high steel prices as profit margins narrowed.
Gross margin fell to 10.6% from 15.4%. Income from European operations, which had been strong in recent quarters, fell 22%.
Valero Energy, the nation's largest oil refiner, despite revenue soaring +49%;
reported a 77% plunge in Q1 net income as tight margins and outages at several plants hit its bottom line.
Refining income fell 68%, as throughput margin per barrel slid 30% and volume declined 5%.
Non vertically integrated firms, like Valero, that don't have crude oil producing operations usually...
do poorly when supply is ample and demand is weak, like in the current environment.
Again, so much for that debunked urban myth, the Peak Oil Boogeyman.
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