CrossAmerica Partners LP reported its financial results for the second quarter and first half of 2025, revealing a decrease in operating revenues and an increase in profitability compared to the same period in 2024. For the three months ended June 30, 2025, the company generated operating revenues of $961.9 million, a 15% decline from $1.13 billion in the prior year. However, net income rose to $25.2 million, up from $12.4 million, resulting in a net income per common unit of $0.64, compared to $0.31 in the same quarter last year. For the six months ended June 30, 2025, revenues totaled $1.82 billion, down 12% from $2.07 billion, while net income increased to $18.1 million from a loss of $5.1 million.
The decrease in revenues was primarily attributed to a 13% drop in the average fuel selling price, influenced by a 21% decline in the average spot price of WTI crude oil. Additionally, the company experienced a 4% decrease in volume due to the loss of independent dealer contracts and reduced activity in its base business. Despite the revenue decline, operating income increased significantly to $41.5 million for the second quarter, up 47% from $28.2 million, driven by gains from asset dispositions and lease terminations, which amounted to $28.4 million in the latest quarter.
Strategically, CrossAmerica has been focusing on optimizing its asset portfolio, including the conversion of 59 sites from lessee dealer operations to company-operated sites as part of the Applegreen acquisition. This transition is expected to enhance gross profit in the retail segment while reducing profitability in the wholesale segment. The company also reported selling 60 sites for $64 million in the second quarter, contributing to a net gain of $29.7 million. The total number of retail sites remained stable at 597, with 361 company-operated and 236 commission agent sites.
Operationally, CrossAmerica's total assets decreased to $1.03 billion as of June 30, 2025, down from $1.11 billion at the end of 2024. The company reported a current ratio of 0.77, indicating a slight decrease in liquidity. The total debt and finance lease obligations stood at $733.3 million, with an effective interest rate of 6.1% on its Credit Facility. The company continues to maintain compliance with its financial covenants and has a borrowing capacity of approximately $200.7 million as of August 1, 2025.
Looking ahead, CrossAmerica anticipates that its financial performance will be influenced by fluctuations in crude oil prices, ongoing asset divestitures, and potential acquisitions. The company plans to continue evaluating its asset portfolio to maximize profitability and may pursue additional acquisitions that align with its strategic objectives. The management remains cautious about the impact of market conditions on its operations and financial results, emphasizing the importance of maintaining flexibility in its capital structure and operational strategies.
About CrossAmerica Partners LP
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