By Adriano Marchese
Alimentation Couche-Tard Inc. earnings were flat in the fourth quarter of fiscal 2021, despite higher revenue, as the company booked higher costs in the period.
The Canadian operator of convenience stores late Tuesday said earnings per share were 52 cents in the 12-weeks to April 25, unchanged from the comparable quarter a year ago.
Net income was $563.9 million, compared with $576.3 million a year ago.
The company said its fourth-quarter results were primarily affected by a pretax expense of $29.1 million following the delivery of an early redemption notice of senior unsecured notes, and a pretax gain of $26.6 million related to a property sale.
On an adjusted basis, Couche-Tard said earnings per share were 52 cents, beating analyst consensus forecasts of 43 cents, polled on FactSet. The company credits the beat primarily to organic growth of its convenience activities and higher fuel demand.
Revenue rose to $12.24 billion from $9.69 billion.
"Across the global network, we made notable progress on our strategy of accelerating organic growth by expanding our fresh food offer, data-analytic capabilities, and our fuel procurement and transport capabilities," President and Chief Executive Brian Hannasch said.
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(END) Dow Jones Newswires