Exhibit 99.1

 

CrossAmerica Partners LP Reports Third Quarter 2018 Results

 

 

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Reported Third Quarter 2018 Operating Income of $13.7 million and Net Income of $5.3 million, primarily driven by the performance of the Wholesale segment.

 

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Generated Third Quarter 2018 Adjusted EBITDA of $28.6 million and Distributable Cash Flow of $20.0 million, respectively.

 

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Distribution Coverage for the Third Quarter 2018 was 1.10 times compared to 1.02 times for the Third Quarter 2017.

 

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Reported Third Quarter 2018 Gross Profit for the Wholesale segment of $33.8 million or an 8% increase when compared to the Third Quarter 2017.

 

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Generated Third Quarter 2018 Gross Profit for the Retail segment of $10.1 million or a 2% decline when compared to the Third Quarter 2017.

 

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The Board of Directors of CrossAmerica’s General Partner declared a quarterly distribution of $0.5250 per limited partner unit attributable to the Third Quarter 2018.  

 

Allentown, PA November 6, 2018 – CrossAmerica Partners LP (NYSE: CAPL) (“CrossAmerica” or the “Partnership”), a leading wholesale fuels distributor and owner and lessor of real estate used in the retail distribution of motor fuels, today reported financial results for the third quarter ended September 30, 2018.

 

“Our Wholesale segment performed well during the quarter with an 8% year-over-year increase in gross profit,” said Gerardo Valencia, CEO and President of CrossAmerica. “We reported Adjusted EBITDA of $28.6 million and maintained our quarterly distribution of $0.5250 per unit.” Valencia went on to say, “We completed the transition of 43 sites in Florida to Applegreen and we continue to work with our General Partner to capture synergies and improve our overall business such as our current rebranding efforts of the Jet-Pep sites. During the fourth quarter, we expect to make progress with respect to a strategic review of 30% of our fuel supply portfolio, and we will be rebranding substantially all of the Jet-Pep portfolio to a major fuel supplier after which we anticipate a positive impact on volume and fuel margin.”

 

Third Quarter Results

 

Consolidated Results

 

For the third quarter 2018, the Partnership reported Operating income of $13.7 million compared to Operating income of $12.3 million achieved in the third quarter 2017. Net income was $5.3 million for the three-month period ended September 30, 2018, compared to $4.3 million for the same period in 2017, reflecting an increase of 22%. EBITDA was $27.6 million for the third quarter 2018 compared to $25.3 million for the third quarter 2017, representing a 9% increase. The increase in operating income, net income and EBITDA was primarily driven by growth in the Wholesale segment. Adjusted EBITDA was $28.6 million for the third quarter 2018 compared to $29.0 million for the same period in 2017, representing a decline of 1%. The decrease in Adjusted EBITDA was due primarily to an increase in cash versus equity funded omnibus expenses, partially offset by incremental EBITDA generated by the Wholesale segment. (Non-GAAP measures used in this release, include EBITDA, Adjusted EBITDA, Distributable Cash Flow and Distribution Coverage Ratio, which non-GAAP measures are further

 


The following information was filed by Crossamerica Partners Lp (CAPL) on Wednesday, November 7, 2018 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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