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CrossAmerica Partners Q3 net income, adjusted EBITDA fall on lower fuel volumes

By Reuters News


Overview

  • U.S. fuels distributor's Q3 net income and adjusted EBITDA declined yr/yr on lower fuel volumes

  • Lower fuel volumes partly offset by higher merchandise gross profit and reduced operating expenses

  • Company declared quarterly distribution of $0.5250 per unit


Outlook

  • Company did not provide specific financial guidance for upcoming quarters or full year in its press release


Result Drivers

  • LOWER FUEL VOLUMES - Co said declines in both retail and wholesale motor fuel volumes drove lower earnings

  • MERCHANDISE MARGINS - Co said higher merchandise gross profit and improved merchandise margin percentage partly offset fuel volume declines

  • LOWER REAL ESTATE GAINS - Co said net income was further reduced by lower gains from real estate optimization


Company press release:


Key Details

Metric

Beat/Miss

Actual

Consensus Estimate

Q3 Net Income

$8.8 mln

Q3 Adjusted EBITDA

$38.7 mln


Analyst Coverage

  • The one available analyst rating on the shares is "hold"

  • The average consensus recommendation for the oil & gas refining and marketing peer group is "buy."

  • The stock recently traded at 18 times the next 12-month earnings vs. a P/E of 24 three months ago


Reuters Recommended Reads

  • Nov 4 - US crude, fuel inventories surge as demand hits 1-year high, EIA says

  • Nov 2 - Diamondback Energy Q3 revenue beats on higher oil output

  • Nov 4 - US to loan about a third of heating oil reserve in bid to tame prices


For questions concerning the data in this report, contact Estimates.Support@lseg.com. For any other questions or feedback, contact reuters.support@thomsonreuters.com.


(This story was created using Reuters automation and AI based on LSEG and company data. It was checked and edited by a Reuters journalist prior to publication.)

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