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Couche-Tard Q2 profit surges to record on acquisitions, despite hurricane costs

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LAVAL, Que. — Alimentation Couche-Tard Inc. says its earnings surged 35 per cent to a record US$435.3 million in its latest quarter as the CST Brands acquisition more than offset the negative impact of hurricanes in the U.S. south.

The Quebec-based convenience store operator, which reports in U.S. dollars, says it earned 76 cents per diluted share in the second quarter of its fiscal year, up from 57 cents or $321.5 million a year earlier.

Excluding one-time charges, Couche-Tard (TSX:ATD.B), earned $458 million or 80 cents per share for the three months ended Oct. 15. That compared to $328 million or 58 cents per share in the prior year.

Revenues were $12.1 billion, up 44 per cent from $8.44 billion in the second quarter of fiscal 2017.

Couche-Tard says hurricanes Harvey and Irma reduced sales and caused property damage in Texas and Florida costing $4.8 million.

The company also purchased and cancelled 4.4 million shares sold by Metro Inc. (TSX:MRU).

The Canadian Press

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