UPDATE 2-Couche-Tard profit jumps 56 percent, but misses estimates

Tue Mar 19, 2013 4:07pm EDT
Email This Article |
Share This Article
  • Facebook
  • LinkedIn
  • Twitter
| Print This Article | Single Page
[-] Text [+]

* Adjusted EPS 81 cents below 87 cents forecast

* Revenue up 75 pct to $11.57 billion

* U.S. same-store sales up 2.6 percent, excluding tobacco products

* Shares fall as much as 6 percent

By Solarina Ho

TORONTO, March 19 (Reuters) - Convenience store operator Alimentation Couche-Tard reported a 56 percent jump in quarterly profit Tuesday, but results fell short of analysts' estimates, sending shares down as much as 6 percent.

Net income for the third quarter ended Feb. 3 rose to $142.5 million, or 75 cents a share, from $86.8 million, or 48 cents, a year earlier.

Shares were at C$54.63, down 1.7 percent, by late afternoon on the Toronto Stock Exchange. They had earlier dropped as low as C$52.35.

Laval, Quebec-based Couche-Tard said results were bolstered by its acquisitions, higher margins on fuel and a lower income tax rate. However, higher-than-expected selling expenses and general and administrative costs cut into the company's profit, some analysts said.   Continued...