CrossAmerica Partners LP reports developments for a publicly traded limited partnership that distributes branded and unbranded motor fuel, operates convenience stores, and owns or leases real estate used in retail fuel distribution. The Partnership's updates focus on Wholesale and Retail segment performance, motor fuel margins, merchandise gross profit, leverage, distributable cash flow, and distribution coverage.
Recurring announcements also cover quarterly cash distributions on CAPL common units, earnings-call schedules, annual-report filings, and governance changes at CrossAmerica GP LLC. Company materials describe a fuel-distribution footprint across 34 states with relationships across major oil brands including ExxonMobil, BP, Shell, Marathon, Valero, and Phillips 66.
CrossAmerica Partners LP (NYSE: CAPL) reported Q2 2024 financial results. Net income was $12.4M, down from $14.5M in Q2 2023. Adjusted EBITDA increased slightly to $42.6M from $42.2M. Distributable cash flow dropped to $26.1M from $30.4M. Retail segment gross profit rose 16% to $76.6M due to a 10% increase in motor fuel and a 23% rise in merchandise gross profit. However, same-store motor fuel sales declined by 2%. Wholesale segment gross profit fell 11% to $28.1M, driven by a 12% decline in motor fuel volume. The distribution coverage ratio for the trailing 12 months ended June 30, 2024, was 1.32x, down from 1.68x in 2023. The Board declared a quarterly distribution of $0.5250 per partner unit. Leverage ratio improved to 4.39 times compared to 4.49 times in March 2024.
CrossAmerica Partners LP (NYSE: CAPL) has announced the maintenance of its quarterly distribution at $0.5250 per unit for the second quarter of 2024. This distribution, annualized at $2.10 per unit, will be payable on August 9, 2024 to unitholders of record as of August 2, 2024. The decision was approved by the Board of Directors of the company's general partner.
Additionally, CrossAmerica Partners LP has scheduled a conference call for August 8th at 9:00 a.m. Eastern Time to discuss their second quarter 2024 earnings results. These results will be released after the market closes on Wednesday, August 7.
CrossAmerica Partners LP (NYSE: CAPL) has announced its schedule for releasing second quarter 2024 earnings results. The company will disclose its financial performance after market close on Wednesday, August 7, 2024. Following this, management will host a conference call on Thursday, August 8 at 9:00 a.m. Eastern Time to discuss the results.
Investors and analysts can join the call using the numbers 800-717-1738 or 646-307-1865, with the passcode 29269. A live audio webcast of the call and related earnings materials will be available on the investor section of CrossAmerica's website. The webcast archive will remain accessible for 60 days after the call.
CrossAmerica Partners LP reported a Net Loss of $17.5 million in Q1 2024, with Adjusted EBITDA of $23.6 million and Distributable Cash Flow of $11.7 million. The Gross Profit for Wholesale Segment decreased, while the Retail Segment saw an increase. Leverage increased to 4.49 times. The Distribution Coverage Ratio declined to 1.37 times. The company converted Applegreen lessee dealer locations to company operated sites. Quarterly distribution declared at $0.5250 per unit.
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