Company: CAPL
Filing Date: 2025-02-27
Form Type: 10-K
Source: 0000950170-25-028082
Chunk: 235

Company: CrossAmerica Partners LP
Filing Date: 2025-02-27
Form: 10-K
Item: Item 7
Chunk 235
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 (43,743
    )

    (32,100
    )

    Income before income taxes

    19,020

    45,117

    64,410

    Income tax (benefit) expense

    (3,433
    )

    2,525

    714

    Net income

    22,453

    42,592

    63,696

    Accretion of preferred membership interests

    2,561

    2,488

    1,726

    Net income available to limited partners
     
    $
    19,892

    $
    40,104

    $
    61,970

Year Ended December 31, 2024 Compared to Year Ended December 31, 2023

Consolidated Results

Operating revenues decreased $288 million (7%) and operating income decreased $18 million (20%). These results were driven by:

Operating revenues

•Our wholesale segment revenues decreased $418 million (18%) primarily due to a 12% decrease in volume driven by the conversion of certain lessee dealer sites to company operated and commission agent sites as well as the net loss of independent dealer contracts. In addition, our average wholesale selling price decreased 7% due primarily to movements in crude oil prices within the two years. 

•Our retail segment revenues increased $130 million (6%) in 2024 as compared to 2023, primarily attributable to a 9% increase in volume due to the conversion of certain lessee dealer sites to company operated and commission agent sites, partially offset by a 6% decrease in the average retail fuel selling price due to the decrease in wholesale motor fuel prices as noted above. Merchandise revenues increased $74 million (23%) driven by an increase in our average company operated site count due to the conversion of certain lessee dealer and commission agent sites to company operated sites.

Cost of sales

Cost of sales decreased $304 million (8%), due primarily to lower wholesale volume and lower cost per gallon, partially offset by an increase in merchandise cost of sales driven by the same drivers as discussed above.

Gross profit

Gross profit increased $16 million (4%), which was primarily driven by an increase in merchandise and motor fuel gross profit within our retail segment, partially offset by a decrease in motor fuel and rent gross profit within our wholesale segment. See "Segment Results" for additional gross profit analyses.

42

Operating expenses

See “Segment Results