Couche-Tard misses Q4 expectations as profits dip 25%
Alimentation Couche-Tard Inc. missed expectations as its net income attributable to shareholders decreased 25% to US$293.1 million in the fourth quarter of its fiscal year on a dip in revenues.
The Laval, Que.-based convenience store chain, which reports in U.S. dollars, says it earned 52 cents per share for the period ended April 28, down from 69 cents per share or $391 million a year earlier. The company received a net tax benefit of $69.7 million in the fourth-quarter of fiscal 2018 from U.S. tax cuts.
Adjusted profits of 52 cents per share compared with 59 cents per share in the fourth quarter of 2018.
Revenues fell 3.7% to $13.1 billion from $13.6 billion.
The retailer was expected to earn 54 cents per diluted share in adjusted profits on $13.3 billion of revenues, according to analysts polled by Thomson Reuters Eikon.
For the full year, Couche-Tard’s net profit increased 10% to $1.8 billion or $3.25 per share, up from $1.67 billion or $2.95 per share in 2018. Adjusted earnings were up 27.7% to $3.32 per share. Revenues were $59.1 billion, up 15 per cent from $51.4 billion.