CrossAmerica Partners LP (NYSE:CAPL) Q3 2023 Earnings Call Transcript
CrossAmerica Partners LP (NYSE:CAPL) Q3 2023 Earnings Call Transcript November 8, 2023
Operator: Good morning. And welcome to the CrossAmerica Partners Third Quarter 2023 Earnings Call. At this time, all lines are in listen-only mode. Following the presentation, we will conduct a question-and-answer session. [Operator Instructions] I would now like to turn the conference over to Maura Topper, Chief Financial Officer. Ms. Topper, please go ahead.
Maura Topper: Thank you, Operator. Good morning. And thank you for joining the CrossAmerica Partners third quarter 2023 earnings call. With me today is Charles Nifong, CEO and President. We will start off the call today with Charles providing some opening comments and a brief overview of CrossAmerica’s operational performance from the quarter and then I will discuss the financial results. We will then open up the call to questions. Today’s call will follow presentation slides that are available as part of the webcast and are posted on the CrossAmerica website. Before we begin I would like to remind everyone that today’s call, including the question-and-answer session may include forward-looking statements regarding expected revenue, future plans, future operational metrics, and opportunities and expectations of the organization.
A close-up of a gasoline pump nozzle at a service station, revealing the company's consumer-facing branding.
There can be no assurance that management’s expectations, beliefs and projections will be achieved or that actual results will not differ from expectations. Please see CrossAmerica’s filings with the Securities and Exchange Commission, including annual reports on Form 10-K and quarterly reports on Form 10-Q for a discussion of important factors that could affect our actual results. Forward-looking statements represent the judgment of CrossAmerica’s management as of today’s date and the organization disclaims any intent or obligation to update any forward-looking statements. During today’s call, we may also provide certain performance measures that do not conform to U.S. Generally Accepted Accounting Principles or GAAP. We have provided schedules that reconcile these non-GAAP measures with our reported results on a GAAP basis as part of our earnings press release.
Today’s call is being webcast and a recording of this conference call will be available on the CrossAmerica website for a period of 60 days. With that, I will now turn the call over to Charles.
Charles Nifong: Thank you, Maura. As always, Maura and I appreciate everyone joining us and thank you for making the time to listen to the call this morning. During today’s call I will briefly go through the operating highlights for the third quarter. I will also provide color on the market and a few other updates, similar to what I provided on previous calls. Maura will then review in more detail the financial results. Now if you turn to slide four, I will briefly review some of our operating results. For the third quarter of 2023, our Wholesale fuel gross profit declined 4% to $18.8 million, compared to $19.5 million in the third quarter of 2022. The decline was driven by a decrease in fuel margins partially offset by an increase in fuel volume.
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