TA Net Income Falls on Tax Costs
TravelCenters of America said its second-quarter net income fell 15% to $13.6 million, or 36 cents per share, because of higher tax costs.
The Westlake, Ohio-based company, operator of 243 truck stop locations, said revenue rose 2% to $2.08 billion. In the prior year period, net income was $16.0 million, or 54 cents per share.
Fuel sale revenue rose less than 1% to $1.66 billion as gallons sold slipped less than 1% to 517.2 million. Gross margin on fuel was $99.1 million, a rise of 12%. Non-food revenue climbed 105 to $414.9 million.
“Our second quarter 2014 results included strong growth in key measures like earnings before interest, taxes, depreciation, amortization and rents and pre-tax income,” said CEO Thomas O’Brien in a statement, noting contributions from recently acquired sites.
Pre-tax income improved 45% to $22.6 million.
Since the quarter ended, TA completed acquisition of two locations and agreed to buy three more travel centers.
