Couche-Tard一季度调整后EPS 0.90美元超预期2美分，燃油利润率改善但同店量下滑

Alimentation Couche-Tard ( ATD:CA ) reported first-quarter adjusted earnings above estimates on Wednesday, with stronger fuel margins and disciplined expenses helping offset softer fuel demand and a more selective consumer environment. Adjusted diluted earnings per share rose 15.4% year over year to 90 cents, above the 88-cent Bloomberg consensus estimate. Revenue increased 25.1% to $21.7 billion, topping the $20.83 billion estimate, while adjusted EBITDA rose 10.5% to $1.78 billion, ahead of the $1.76 billion estimate. Fuel revenue increased 33% to $16.7 billion, helped by higher average selling prices and acquisitions. U.S. fuel margins rose to 52.61 cents per gallon, helping fuel gross profit increase 15.1%, despite same-store fuel volumes declining 1.6% in the U.S. and 4.3% in Europe and other regions. Merchandise and service revenue rose 4.1% to $4.9 billion. U.S. same-store merchandise sales increased 1.7%, marking the fifth consecutive quarter of growth, supported by food, energy drinks, and other nicotine products. Europe and other regions rose 1.2%, while Canada was stable. RBC Capital Markets said the results underscored the resilience of Couche-Tard's ( ATD:CA ) business model despite a "more challenging consumer backdrop," while Jefferies highlighted strong fuel profitability and expense discipline. U.S. same-store merchandise sales rose 1.7%, below the 2%-3% longer-term target cited by both the brokerages. Normalized expense growth was 2.7%, below inflation, despite strategic investments and spending to accelerate foodservice initiatives. Analysts also highlighted the planned acquisition of Żabka Group as an additional growth catalyst. Couche-Tard ( ATD:CA ) said the roughly $8.6 billion deal would strengthen its food, digital engagement, and supply-chain capabilities and expand its presence in Central and Eastern Europe. Shares have gained about 12.4% so far this year, broadly in line with the broader index, which has advanced 13%.