By Maria Armental
Alimentation Couche-Tard Inc. on Monday reported better-than-expected results for the quarter and year ended in April, even as the pandemic caused a drop in customer traffic. Here's what you need to know:
PROFIT: Net income for the quarter rose to $576.3 million, or 52 cents a share, from $293.1 million, or 26 cents a share, a year earlier. On an adjusted basis, profit was 47 cents a share, ahead of analysts' projected 43 cents a share, according to FactSet.
REVENUE: Total revenue for the quarter fell to $9.69 billion from $13.11 billion a year earlier. Analysts surveyed by FactSet had expected $9.62 billion.
YEAR: The Canadian company ended the year with a profit of $2.35 billion on $54.13 billion in revenue, compared with a profit of $1.83 billion on $59.12 billion in revenue a year earlier.
BUYBACKS: The company's share repurchase plan expired on April 9 and wasn't renewed.
PANDEMIC: Company officials said measures taken in response to the coronavirus pandemic had "a meaningful impact on financial results, mostly driven by declining traffic across the network." The company pointed to an initial sharp drop in fuel volumes, but said that volume had stabilized in April, while fuel margins largely benefited from the decline in crude oil prices. Meanwhile, the company said, merchandise sales benefited from a higher average basket, which helped offset in part the lower number of customers.
Write to Maria Armental at firstname.lastname@example.org
(END) Dow Jones Newswires
June 29, 2020 17:41 ET (21:41 GMT)Copyright (c) 2020 Dow Jones & Company, Inc.