The following is a summary of the CrossAmerica Partners LP Common Units (CAPL) Q1 2024 Earnings Call Transcript:

Financial Performance:

• CrossAmerica's wholesale segment gross profit declined 14% to $27 million impacted by a decrease in fuel margin, fuel volume, and rental income.

• A decrease was also observed in wholesale motor fuel gross profit and fuel margin.

• The retail segment saw a 7% increase in gross profit, mainly attributed to merchandise sales.

• A net loss was reported at $17.5 million, which is significantly higher compared to the previous year's loss and overall net distributable cash flow also saw a decline.

Business Progress:

• The company showed signs of business expansion with the addition of 75 new company-operated retail sites and an overall increase in retail site count.

• The first quarter saw robust site conversion activities and a significant progress in converting the Applegreen sites to company-operated retail locations.

• The company's future plans involve divesting at an increased pace for the remainder of the year while focusing on generating consistent cash flows to drive value for unitholders.

More details: CrossAmerica IR

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