(Reuters) - Alimentation Couche-Tard Inc (ATDb.TO) missed quarterly revenue estimates on Tuesday, as the Canadian convenience store operator’s fuel business was hit by lower selling prices.
Revenue in the fuel segment, its biggest, fell 8.8% to $9.94 billion. Couche-Tard has more than 8,500 stores outlets with fuel dispensing in North America.
Lower fuel selling prices have had a negative impact of about $661 million on the segment’s revenue.
Crude prices have fallen in the quarter on the back of heightened global trade tensions.
Total revenue fell to $13.68 billion from $14.7 billion a year earlier, missing the average analyst estimate of $14.04 billion, according to IBES data from Refinitiv.
Net income attributable to the company rose to $578.6 million, or 51 cents per share, in the second quarter ended Oct. 13 from $473.1 million, or 42 cents per share, a year earlier.
Excluding items, the company earned 51 cents per share, beating analysts’ estimates of 48 cents.
Couche-Tard on Monday had sweetened its approach for fuel retailer Caltex Australia (CTX.AX) with a A$8.61 billion offer in a bid to expand into Asia.
Reporting by Praveen Paramasivam in Bengaluru; Editing by Amy Caren Daniel