TravelCenters’ 1Q Loss Narrows

TravelCenters of America said its first-quarter loss narrowed from a year ago.

The truck stop chain lost $16.7 million, or 93 cents a share, compared with a loss of $41.2 million, or $2.39, a year ago.

Revenue rose to $1.8 billion, from $1.4 billion, TA said in a statement. Same-site fuel sales volume slipped 1.4% from a year ago.

In March, TA spent $7.2 million to acquire and improve a new travel center in Texas that was purchased at a foreclosure auction. The property was renovated as a Petro Stopping Center and opened for business on May 1.

TA also exercised its right to purchase a former Petro franchisee’s travel center in Kansas for about $5.5 million; TA expects to begin to operating the site this quarter.

In April, after the first quarter ended, TA agreed to acquire six new travel centers — five in Indiana and one in Illinois — at a bankruptcy auction. Staggered closings for these sites began on May 2 and are expected to be completed this quarter.