Q4 2024 Crossamerica Partners LP Earnings Call Transcript
Key Points
- Retail segment gross profit increased by 9% in Q4 2024, driven by an increase in merchandise margin.
- Same store retail volume outperformed the national average, with a 2% increase compared to a 4% national decline.
- Merchandise gross profit rose by 27% to $28.1 million, supported by increased sales from a higher store count.
- The company successfully converted 107 sites to its retail class, enhancing long-term profitability.
- CrossAmerica Partners LP divested 30 properties in 2024, generating $36.3 million in proceeds, which strengthened the balance sheet.
- Wholesale segment gross profit declined by 22% due to a decrease in both fuel volume and margin per gallon.
- Adjusted EBITDA for Q4 2024 decreased by 26% compared to the same period in 2023.
- Distributable cash flow fell from $35.8 million in Q4 2023 to $21.1 million in Q4 2024.
- Operating expenses in the retail segment increased by 32% due to higher site count and initial ramp-up costs.
- Interest expenses rose significantly, impacting net income and cash flow, partly due to expired interest rate swaps.
Good morning, ladies and gentlemen, and welcome to the CrossAmerica Partners fourth-quarter and full-year 2024 earnings call. (Operator Instructions) This call is being recorded on Thursday, February 27, 2025.
I would now extend the conference over to Maura Topper, Chief Financial Officer. Please go ahead.
Thank you, operator. Good morning and thank you for joining the Crosser Partners 4th quarter and full year 2024 earnings call.
With me today is Charles Nihong, CEO and President.
We'll start off the call today with Charles providing some opening comments and an overview of across America's operational performance for the quarter and full year, and then I will discuss the financial results. We will then open up the call to questions.
Today's call will follow presentation slides that are available as part of the webcast and are posted on the Crosser website.
Before we begin, I would like to remind everyone that today
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