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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Joe blow
No, no numbers are up because they fkd us all they jumped the price of fuel by huge huge amounts, it sounds almost like a pharmaceutically company. We magically made 90% more than ever before but sold less…
Tim G
As many stated, the numbers are grossly off. I deliver to a local mom/pop gas station that sells an average of 10K a day. And I’m sure the paid parking is contributing heavily to their earnings.
Keith clapp
Their profits are up because almost all their parking spots are paid parking!!! It’s ridiculous how bad it’s gotten out here with the paid parking situation, I’ll just pass em by and find a rest area!
Rodney
That’s because during pandemic restaurants were closed so they came to truck stops eat leaving us mostly nothing
John Hrinda
Of course they did, you did see what they were charging for fuel to begin with, making at least $1.25 per gallon, T/A is among the highest of the chains, as a owner operator I could not survive fueling at their facilities, especially when there were several other places to fuel at with a cheaper price, TA price gouging in everything they do had made me rethink my business with them
W
Only reason they made money cause 75% of ta/ petro truck parking spots are paid parking. Anywhere from $15-30 a night for parking.
Deb
This is what I was going to point out. How much money did the make on just parking alone? Have them break these numbers out and post the revenue made.
Samuel Messick
Your gallon figures are stated incorrectly. Should be hundreds of millions of gallons, not hundreds of thousands.
Hooker
I think the fuel numbers are off. I run 13 trucks and burned 24,000 gallons in the quarter myself