TravelCenters of America Inc.’s second quarter net income jumped 121% as revenue climbed to $3.1 billion from $1.8 billion a year earlier, despite a decline in sales of diesel and gasoline.
The company’s nonfuel revenue for the quarter was $553 million, a gain of 10.3% gain compared with the 2021 period. Revenue from truck service increased 12.4% to $218 million compared with a year earlier.
“While results benefitted from favorable fuel purchasing conditions created by extraordinary volatility, a continued focus on operational excellence and investing in growth were also instrumental in driving a very strong quarter once again,” TA’s CEO Jonathan M. Pertchik said in an earnings release.
The company’s adjusted net income for the second quarter rose to $63.9 million, or adjusted earnings per share of $4.34. Revenue climbed to $3.08 billion in the second quarter compared to $1.8 billion a year earlier.
Analysts had predicted adjusted earnings per share of $1.44.
Westlake, Ohio-based TravelCenters of America (NASDAQ: TA) is the country’s largest publicly traded full-service travel center network. It has more than 276 locations in 44 states, and employs about 18,000 people.
Revenue from fuel increased 92% year-over-year to $2.5 billion compared the same year-ago quarter due to much higher pricing.
TA sold 574,320 gallons of fuel in the quarter, a 1.6% decline compared to the same period a year ago. Diesel sales of 511,209 gallons dipped 0.3% while gasoline was off 10.7%.
TA’s fuel gross margin per gallon increased 58% year-over-year in the second quarter to $.273 compared to a year ago.
“Investing in growth remains a key pillar in our transformation plan, with a focus on site refreshes, technology improvements and network expansion,” Pertchick. “We continue to evaluate opportunities to acquire high quality travel centers, with two full service travel centers and a truck service location added during the second quarter and a third full service travel center location added in early July.”
| TravelCenters of America | Q2/22 | Q2/21 | Y/Y% Change |
| Total revenue | $3.08B | $1.8B | 71% |
| Fuel revenue | $2.5B | $1.3B | 92% |
| Diesel sales volume (gallons) | 511,209 | 512,943 | (0.3%) |
| Fuel gross margin per gallon | $.273 | $.172 | 58% |
| Earnings per share | $4.34 | $2.08 | 108% |
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