Couche-Tard Q2 earnings beat estimates

Alimentation Couche-Tard Inc. beat expectations as its net earnings rose 9% in its most recent quarter thanks in part to acquisitions and lower taxes.

The Quebec-based retailer, which reports in U.S. dollars, says its net earnings attributable to shareholders were US$473.1 or 84 cents per diluted share for its second quarter of its 2019 financial year.

That's up from $432.5 million or 76 cents per share from the same period the previous year.

Adjusted profits that exclude one-time items in both periods increased to 84 cents a share for the quarter, up five per cent from 80 cents in the second quarter of 2018.

Revenues rose 21% to $14.7 billion, up from $12.1 billion as same-store merchandise revenues--a key retail metric--rose by 5.1% in Canada, 4.4% in the U.S. and 4.6% in Europe.

The company was expected to earn 82 cents per share in adjusted profits on $13.9 billion of revenues, according to analysts polled by Refinitiv.