UPDATE: Pantry Posts Upbeat FQ4 Earnings

The Pantry

reported better-than-expected earnings for the fiscal fourth quarter. The Cary, North Carolina-based company posted a quarterly profit of $14.7 million, or $0 63 per share, versus $1.0 million or $0.04 per share, in the year-ago period. Excluding certain items, the company earned $0.66 per share. Its revenue slipped to $1.96 billion from $2.02 billion in the period. However, analysts were estimating earnings of $0.46 per share on revenue of $1.98 billion. Comparable store merchandise revenue climbed 2.5% in the quarter. Merchandise gross margin widened to 35.2% from 34.3%. Fuel gross profit surged to $57.7 million from $47.8 million, while retail fuel margin per gallon jumped to $0.133 from $0.107. Store operating and general and administrative expenses slipped to $156.6 million from $162.0 million. Adjusted EBITDA climbed to $71.1 million from $49.0 million. President and Chief Executive Officer Dennis G. Hatchell said, “We have now had positive comparable store merchandise sales in 11 out of our last 12 quarters. Overall fuel performance was encouraging as our balanced approach led to an increase in fuel gross profit. Our team is working to build on all of these results in fiscal 2015." Pantry shares dropped 0.51% to close at $25.48 yesterday.