CrossAmerica Partners LP (NYSE: CAPL) has announced a quarterly distribution of $0.5250 per unit attributable to the fourth quarter of 2023, equating to an annualized $2.10 per unit. This distribution is payable on February 9, 2024, to all unitholders of record on February 2, 2024.
CrossAmerica Partners LP is set to host a conference call on February 27th at 9:00 a.m. Eastern Time to discuss the fourth quarter and full year 2023 earnings results. The earnings results will be released after the market closes on Monday, February 26.
Joseph V. Topper, Jr., the founder of CrossAmerica Partners and a member of the board of the general partner since 2012, stated, "We are pleased to maintain our quarterly distribution, demonstrating our commitment to delivering value to our unitholders."
The company, which is a leading wholesale distributor of motor fuels, convenience store operator, and owner and lessor of real estate used in the retail distribution of motor fuels, has a geographic footprint covering 34 states and well-established relationships with major oil brands.
In response to the announcement, the company's shares have moved 2.4%, and are currently trading at a price of $23.6.
The company's full 8-K submission is available here.
| 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|---|
| Revenue (MM) | $2,446 | $2,149 | $1,932 | $3,579 | $4,967 | $4,496 |
| Revenue Growth | n/a | -12.12% | -10.1% | 85.23% | 38.78% | -9.48% |
| Operating Margins | 1% | 2% | 6% | 1% | 2% | 2% |
| Net Margins | 0% | 1% | 6% | 1% | 1% | 1% |
| Net Income (MM) | $5 | $18 | $107 | $22 | $64 | $43 |
| Net Interest Expense (MM) | $33 | $27 | $17 | $18 | $32 | $43 |
| Depreciation & Amort. (MM) | $67 | $55 | $69 | $78 | $81 | $77 |
| Earnings Per Share | $0.15 | $0.52 | $2.88 | $0.57 | $1.67 | $1.13 |
| Diluted Shares (MM) | 34 | 34 | 37 | 38 | 38 | 38 |
| Free Cash Flow (MM) | $76 | $48 | $67 | $54 | $131 | $89 |
| Capital Expenditures (MM) | $14 | $25 | $37 | $42 | $30 | $25 |
| Current Ratio | 0.58 | 0.62 | 0.51 | 0.65 | 0.68 | 0.7 |
| Total Debt (MM) | $1,039 | $1,074 | $531 | $1,630 | $1,523 | $761 |
| Net Debt / EBITDA | 10.19 | 10.9 | 2.88 | 14.23 | 8.53 | 4.6 |
