Couche-Tard has reported back on a difficult third quarter (Q3), during which net earnings fell 22.9 per cent to US$54.8m, or US$0.29 per diluted share, from US$71.1m, or US$0.36 per diluted share, the previous year.
Earnings were hit by falling US fuel margins at an impact of more than US$37m, the group said, while operating, selling administrative and general expenses actually fell by 1.2 per cent after impacts related to exchange rates, acquisitions and expenses related to electronic payments were excluded.
'Overall, the third quarter's results are satisfying considering the motor fuel gross margin recorded in our US markets,' said Alain Bouchard, president and CEO at Couche-Tard.
'It is so extraordinary to see that we increased our earnings per share for the first three quarters despite the fact that our results were deprived of US$85m after income taxes because of lower fuel margins,' added vice-president and CFO Raymond Paré. 'We are evolving in a difficult economic situation but we continued to deliver solid sales and profitability indicators.'
