Arko Corp. Reports Earnings Results for the Third Quarter and Nine Months Ended September 30, 2023
November 06, 2023 at 04:16 pm EST
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Arko Corp. reported earnings results for the third quarter and nine months ended September 30, 2023. For the third quarter, the company reported revenue was USD 2,622.05 million compared to USD 2,449.65 million a year ago. Net income was USD 21.44 million compared to USD 24.94 million a year ago. Basic earnings per share from continuing operations was USD 0.17 compared to USD 0.2 a year ago. Diluted earnings per share from continuing operations was USD 0.17 compared to USD 0.17 a year ago.
For the nine months, revenue was USD 7,179.57 million compared to USD 6,962.72 million a year ago. Net income was USD 33.29 million compared to USD 58.94 million a year ago. Basic earnings per share from continuing operations was USD 0.24 compared to USD 0.45 a year ago. Diluted earnings per share from continuing operations was USD 0.24 compared to USD 0.43 a year ago.
Arko Corp. is an independent convenience store operator. The Company operates through four segments: Retail Segment, Wholesale Segment, Fleet Fueling Segment, and GPMP Segment. The Retail segment includes the operation of a chain of retail stores, which includes convenience stores selling fuel products and other merchandise to retail customers. The Wholesale segment supplies fuel to dealers, on either a consignment or cost-plus basis. The Fleet Fueling segment includes the operation of proprietary and third-party cardlock locations, and issuance of proprietary fuel cards that provide customers access to a nationwide network of fueling sites. The GPMP segment includes the operations of GPM Petroleum LP (GPMP), which primarily sells and supplies fuel to GPM. It operates its stores under more than 25 regional store brands, including 1-Stop, Admiral, Apple Market, BreadBox, Corner Mart, Dixie Mart, ExpressStop, E-Z Mart, fastmarket, Flash Market, Handy Mart, Jetz, Jiffi Stop, and others.