November 27, 2018 / 10:29 PM / 20 days ago

Alimentation Couche-Tard quarterly profit beats on improved fuel sales

FILE PHOTO - Pedestrians walk past a Couche-Tard convenience store in Montreal, April 18, 2012. REUTERS/Christinne Muschi

(Reuters) - Alimentation Couche-Tard Inc (ATDb.TO) topped analysts’ quarterly profit estimate on Tuesday as the world’s second-biggest convenience store operator earned more from improved fuel sales.

Revenue from the company’s fuel retail business, its biggest, increased 24.5 percent to about $10.90 billion. Couche-Tard has more than 8,000 outlets in the United States.

The same-store fuel volumes rose 1.2 percent in the United States, its biggest market, while same-store merchandise revenue was up 4.4 percent.

The company has been expanding its gasoline and convenience stores business with new acquisitions including CST Brands and Holiday Stationstores, a 522-store chain of gas stations and convenience outlets in the United States.

Revenue from merchandise and services business rose 11 percent to $3.46 billion in the quarter ended Oct.14.

Net income attributable to the company rose to $473.1 million, or 84 cents per share, in the second quarter, from $432.5 million, or 76 cents per share, a year earlier.

Total revenue rose to $14.70 billion from $12.14 billion. [nPn9nLW9da]

Excluding items, the company earned 84 cents per share, compared with 80 cents a year earlier.

Analysts, on average, were expecting the company to report a profit of 82 cents and revenue of $14 billion, according to IBES data from Refinitiv.

Reporting by Arundhati Sarkar and Laharee Chatterjee in Bengaluru; Editing by Shailesh Kuber

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