CrossAmerica Partners LP (CAPL) has reported a 44.90 percent plunge in profit for the quarter ended Dec. 31, 2016. The company has earned $2.32 million, or $0.04 a share in the quarter, compared with $4.21 million, or $0.11 a share for the same period last year.
Revenue during the quarter grew 7.18 percent to $501.47 million from $467.88 million in the previous year period. Gross margin for the quarter contracted 74 basis points over the previous year period to 7.72 percent. Total expenses were 98.62 percent of quarterly revenues, up from 98.30 percent for the same period last year. That has resulted in a contraction of 32 basis points in operating margin to 1.38 percent.
Operating income for the quarter was $6.90 million, compared with $7.95 million in the previous year period.
However, the adjusted EBITDA for the quarter stood at $27.22 million compared with $24.71 million in the prior year period. At the same time, adjusted EBITDA margin improved 15 basis points in the quarter to 5.43 percent from 5.28 percent in the last year period.
"Despite the comparison to a very strong fuel margin in 2015, we generated solid cash flow in 2016 thanks to our sustained focus on accretive acquisitions, integration and expense control," said Jeremy Bergeron, president of CrossAmerica. "Even with a challenging market environment, we were able to continue our growth in 2016, while also strengthening our balance sheet and positioning us for even greater success in the months ahead."
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