CrossAmerica Partners LP reported its financial results for the first quarter of 2025, revealing a decrease in operating revenues to $862.5 million, down 8% from $941.5 million in the same period last year. The company experienced a net loss of $7.1 million, an improvement from the $17.5 million loss reported in the first quarter of 2024. The gross profit for the quarter increased to $89.8 million, a 10% rise compared to $81.3 million in the prior year, primarily driven by higher merchandise and motor fuel gross profits in the retail segment.
The decline in revenues was largely attributed to a significant 19% drop in wholesale segment revenues, which was impacted by an 11% decrease in volume due to the conversion of certain lessee dealer sites to company-operated and commission agent sites. Additionally, the average wholesale selling price fell by 8% due to fluctuations in crude oil prices. Conversely, the retail segment saw a slight revenue increase of 2%, bolstered by a 17% rise in merchandise revenues, although retail fuel sales decreased by 1% due to lower average selling prices.
Operationally, CrossAmerica continued its strategic shift by converting 59 sites from lessee dealer operations to company-operated and commission agent sites, which contributed to the increase in retail segment revenues. The company also reported a net gain of $5.6 million from property dispositions during the quarter, reflecting its ongoing real estate rationalization efforts. The total number of retail sites increased to 610, with 376 being company-operated and 234 as commission agents.
In terms of financial health, the company reported total assets of $1.09 billion as of March 31, 2025, a slight decrease from $1.11 billion at the end of 2024. Current liabilities increased marginally to $163.7 million, while total liabilities stood at $1.14 billion. CrossAmerica's cash and cash equivalents rose to $6.7 million, up from $3.4 million at the end of the previous year. The company’s effective interest rate on its credit facility was reported at 6.1%, reflecting the impact of maturing interest rate swap contracts.
Looking ahead, CrossAmerica anticipates that its results for 2025 will continue to be influenced by the volatility of crude oil prices and the ongoing transition of its business model. The company plans to evaluate further acquisitions and divestitures to optimize its asset portfolio, which may affect gross profits across its wholesale and retail segments. The management remains focused on maintaining liquidity and operational efficiency while navigating the challenges posed by market conditions.
About CrossAmerica Partners LP
About 10-Q Filings
A 10-Q form is an important financial report that public companies in the United States must submit every three months. It gives a clear picture of a company's financial health and recent performance.
Key points about the 10-Q:
- Frequency: Companies file it three times a year, covering the first three quarters. The fourth quarter is covered in a more comprehensive annual report.
-
Content: It includes:
- Financial statements showing the company's current financial position
- Updates from management on the performance and projections of the business
- Information about potential risks the company faces
- Details on how the company is run internally
- Deadline: Must be filed within 40 or 45 days after the quarter ends, depending on the size of the company.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.