Laval, Que.-based Alimentation Couche-Tard Inc., which oversees a global network of convenience stores and gasoline stations, reported net earnings of US$810 million in its most recent quarter, a nearly 17 per cent increase from the same period a year earlier, mainly due to the higher price of fuel.
Here’s what you need to know about Couche-Tard’s earnings for the three-month period ending Oct. 9, 2022:Couche-Tard, which operates more than 14,300 stores in 24 countries and territories, led by its Circle K brand, reported revenue of US$16.9 billion, an 18.7 per cent increase from the same period in 2021. The gain was mostly the result of higher gasoline prices, as earnings from “road transportation fuel,” which represents about 75 per cent of the company’s income, jumped 24.
Couche-Tard also repurchased shares worth about US$205 million in the quarter, taking its share-buyback total over the first half of the fiscal year to about US$683 million. Since the end of its second quarter in early October, the company said it has repurchased shares worth about US$396 million, meaning Couche-Tard has spent more than US$1 billion on share buybacks so far in the current fiscal year. The company also increased its dividend by 27 per cent, to 14 cents per share.
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