Crossamerica Partners LP ( (CAPL) ) has released its Q3 earnings. Here is a breakdown of the information Crossamerica Partners LP presented to its investors.
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CrossAmerica Partners LP is a prominent company in the energy sector, specializing in wholesale fuel distribution, convenience store operations, and real estate associated with motor fuel retailing across the United States. Reporting its financial results for the third quarter of 2024, CrossAmerica Partners LP saw a net income of $10.7 million and an adjusted EBITDA of $43.9 million, reflecting a decrease from the previous year. The company’s retail segment showed robust growth with a 24% increase in gross profit, driven by a 26% rise in motor fuel and 20% in merchandise profits. However, the wholesale segment experienced a 16% decline in gross profit due to reduced motor fuel volumes and a loss of independent dealer contracts. CrossAmerica’s strategic focus on converting lessee dealer sites to company-operated sites contributed to a stronger retail performance, despite elevated operating expenses. Looking ahead, CrossAmerica Partners LP aims to maintain a solid distribution coverage ratio while continuing its strategic site conversions and managing a healthy balance sheet.