Alimentation Couche-Tard Inc. reports earnings of US$737M in third quarter

LAVAL, Que. — Alimentation Couche-Tard Inc. says it earned US$737.4 million in its third quarter ended Jan. 29, down 1.2 per cent from a year earlier.

The Laval, Que.-based company says earnings per diluted share in the quarter were 73 cents, up from 70 cents a year earlier, while earnings for the financial year to date were up almost 10 per cent to US$2.2 billion.

Total revenues for the quarter were US$20 billion, up eight per cent from last year, with Canadian revenues of US$2.5 billion.

Alimentation Couche-Tard says the translation of foreign currencies into the U.S. dollar had a net negative impact of around US$28 million on net earnings.

President and CEO Brian Hannasch said all of the company's markets continue to face inflationary conditions, but that customers have proven resilient.

Hannasch said healthy fuel margins are helping to offset the continued decline in volumes brought on by work-from-home trends and higher prices.

"We are excited by the progress we made expanding the network in both store count and services for our mobility customers," he said in a release.

Couche-Tard says it has closed its previously announced acquisition of True Blue Car Wash LLC, which operates 65 express tunnel car wash sites in the U.S. that the company says are a "natural extension" of its car wash network.

The company has also announced plans to acquire 45 Big Red Stores in Arkansas.

And recently, Couche-Tard and Harnois Énergies announced they closed a deal that will see Couche-Tard buy the Atlantic Canada gas-station chain Wilsons. Harnois will acquire some of the chain's sites to fulfil a condition set by the Competition Bureau.

This report by The Canadian Press was first published March 15, 2023.

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The Canadian Press