Canadian convenience store operator Alimentation Couche-Tard (ATD) said that its earnings rose 16.6% in its latest quarter due to higher gasoline prices.
Net earnings for the quarter ended October 9 were $810.4 million, or $0.79 per share, up from $694.8 million or $0.65 per share a year earlier.
The Laval, Quebec-based company said its revenue amounted to $16.9 billion, up 19.7% from a year earlier.
The strong results were due to a 24.3% increase in fuel revenues as gasoline prices increased across Canada, while merchandise and service revenues gained 2.3% in the quarter.
Same-store merchandise revenues rose in the U.S. and Europe but were down in Canada during the quarter, according to the company.
Alimentation Couche-Tard’s stock is up 18% this year at $61.46 per share.
