ARKO Corp. reported a decline in revenue and profitability for the third quarter and the first nine months of 2024 compared to the same periods in 2023. For the three months ended September 30, 2024, total revenues were $2,279.2 million, down from $2,622.1 million in Q3 2023, marking a decrease of 13.1%. For the nine months ended September 30, 2024, total revenues were $6,739.9 million, compared to $7,179.6 million in the prior year, reflecting a decline of 6.1%. The decrease in revenue was attributed to lower fuel sales and merchandise revenue, with fuel revenue for Q3 2024 decreasing by 14.5% to $1,783.9 million and merchandise revenue down 7.3% to $2,279.2 million.
Operating income for Q3 2024 was $41.6 million, slightly down from $44.1 million in Q3 2023. For the nine-month period, operating income decreased to $79.7 million from $92.7 million in the previous year. Net income for Q3 2024 was $9.7 million, a significant drop from $21.5 million in Q3 2023, while net income for the nine months ended September 30, 2024, was $23.1 million, down from $33.4 million in the same period last year. The net income attributable to common shareholders for Q3 2024 was $8.2 million, compared to $20.0 million in Q3 2023.
The company’s cash and cash equivalents increased to $291.7 million as of September 30, 2024, from $218.1 million at the end of 2023. Total assets rose slightly to $3.69 billion, while total liabilities increased to $3.31 billion. Shareholders' equity also saw a modest increase to $280.0 million.
Strategically, ARKO Corp. has been active in acquisitions, completing several significant transactions. Notably, the company acquired 135 convenience stores and gas stations from Transit Energy Group for approximately $370 million in March 2023. In 2024, ARKO continued its expansion with the acquisition of 21 SpeedyQ Markets and nine landbank sites in Michigan for about $52.5 million. The company has also been converting retail stores to dealer sites to enhance profitability, with 51 conversions completed in 2024 and plans for approximately 100 more by year-end.
The company declared dividends of $0.03 per share throughout 2024, totaling approximately $10.5 million for the nine months ended September 30, 2024. Additionally, ARKO repurchased approximately 4.8 million shares for about $28.3 million during the same period, leaving $25.7 million remaining under its share repurchase program.
About ARKO Corp.
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