Earnings roundup: Second-quarter profit slips at Frost, Valero, Tesla

Welcome 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 and annual earnings reporting periods. This week’s roundup of recent quarterly financial reports includes San Antonio-based Cullen/Frost Bankers Inc., Valero Energy Corp. and Digerati Technologies Inc., along with others of local interest, such as Austin area-based Tesla Inc.; Dallas-based Tenet Healthcare Corp.

Valero Energy profits fall as refining margins are squeezed by rising supply and lower prices Revenue: $34.49 billion vs. $34.51 billion Quotable: “We see continued strength in our U.S. wholesale system with sales exceeding one million barrels per day in the second quarter.” — CEO Lane Riggs Digerati 3Q revenue dips, loss doubles Cloud services provider Digerati Technologies Inc.’s revenue fell 5.2% year over year during its fiscal third quarter that ended April 30.

Digerati Technologies CEO on leave of absence for surgery; board executive chairman fills in Net income: Loss of $4.53 million vs. loss of $2.24 million Revenue: $7.43 million vs. $7.84 million Quotable: “Although it was a challenging quarter … our operations remain strong.” — interim CEO Craig Clement Tesla profit down as 2Q EV sales dip AUSTIN — Tesla Inc.

Tesla stock nosedives after disappointing earnings give investors little hope Net income: $1.48 billion vs. $2.7 billion Revenue: $25.5 billion vs. $24.93 billion Quotable: “We are on track to deliver a more affordable model in the first half of next year.” — CEO Elon Musk Baptist Health parent trims payroll DALLAS — Tenet Healthcare Corp., parent company of Baptist Health System, more than doubled second-quarter profit year over year. While its revenue was up 0.

After 50 years, Southwest to assign seats as profit falls Revenue: $7.35 billion vs. $7.04 billion Quotable: “I know there are going to be customers who say, ‘I want to stay with open seating.’ It’s a minority.” — CEO Robert Jordan American reworking sales, distribution FORT WORTH — American Airlines Group Inc.’s second-quarter profit fell 46.4% year over year, despite a 2% rise in revenue.

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