Alimentation Couche-Tard second-quarter earnings up on boost from acquisitions

LAVAL, Que. — Alimentation Couche-Tard Inc. beat expectations as its net earnings rose nine per cent 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 per cent to $14.7 billion, up from $12.1 billion as same-store merchandise revenues — a key retail metric —rose by 5.1 per cent in Canada, 4.4 per cent in the U.S. and 4.6 per cent 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.

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The Canadian Press